Saudi Arabia invests $15m in start-ups

Dubai: Saudi Venture Capital (SVC) Co invests $15 million (Dh55 million) in the Saqr 2 Fund, which focuses on early stage investments throughout the region. This will benefit start-ups in Saudi Arabia.

Managed by Saudi-based Vision Ventures, the $90 million (Dh330 million) fund aims to support businesses from pre-seed to pre-series B stages across diverse sectors in the country and the wider Middle East and North Africa region, as reported by the Saudi Press Agency.

Nabeel Koshak, CEO and board member of SVC, said: “The investment in Vision Ventures’ venture capital fund is part of our fund investment programme.

“It aligns with our strategy to stimulate the establishment of funds that invest in Saudi start-ups and small and medium-sized enterprises at various growth stages. Additionally, we aim to encourage these funds to provide added value to the start-ups and SMEs.”

This investment is part of SVC’s broader initiative to stimulate venture capital activity in Saudi Arabia and foster the growth of start-ups and SMEs in the region.