Saudi Venture Capital Invests $15M in Saqr 2 Fund to Support Startups
Dubai: Saudi Venture Capital (SVC) Co is investing $15 million (Dh55 million) in the Saqr 2 fund, which focuses on early-stage investments across the region. This will benefit startups 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 in various regions of the country and across the wider Middle East and North Africa region. Saudi Press Agency.
Nabeel Koshak, CEO and Board Member, SVC said: “Investment in Vision Ventures’ Venture Capital Fund is part of our fund investment programme.
“This is in line with our strategy to stimulate the establishment of funds that invest in Saudi start-ups and small and medium enterprises at various growth stages. Additionally, we hope that these monies would benefit SMEs and startups.
The investment is a component of SVC’s larger plan to boost venture capital activity in Saudi Arabia and support the expansion of small and new businesses in the area.