Riyadh - Sharikat Mubasher: The Saudi-based venture capital firm, Khwarizmi Ventures, is gearing up to launch its second VC fund, targeting between $100-$120 million, by the end of 2025, according to Managing Partner Abdulaziz Al-Turki.

The new fund aims to foster early-stage startups across the Middle East and North Africa (MENA) region, Al-Turki stated in an interview with Alarabiya Business.

He highlighted the region's growth potential, noting that the number of unicorns in MENA has surged from zero ten years ago to eight today, with projections to reach 60 by 2035.

Al-Turki further noted that Khwarizmi Ventures’ first VC fund totaled $70 million, with approximately 80% already deployed. The remaining 20% is allocated for follow-on investments in existing portfolio companies.   

Khwarizmi Ventures’ second fund will invest in MENA startups, with a particular focus on Saudi startups and companies seeking to expand into the Saudi market.