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Saudi Arabia 100 riyals banknotes, The Saudi riyal is the currency of Saudi Arabia, Saudi kingdom one hundred riyals with the photo of king Salman Bin Abdulaziz and Madinah Prophet mosque, selective focus. Image used for illustrative purpose. Getty Images
Saudi Venture Capital (SVC), a subsidiary of the National Development Fund’s SME Bank, is investing in a $150 million venture capital (VC) fund to support technology start-ups in the kingdom.
The new investment in Middle East Venture Fund IV, which is managed by Middle East Venture Partners (MEVP), is expected to back start-ups from the seed stage through IPO/ exit.
“Our investment… supports SVC’s strategy of backing funds that invest in early-stage start-ups based in Saudi Arabia, aiming to foster their growth into later stages, “ said Nabeel Koshak, CEO and Board Member at SVC.
MEVP has deployed over $50 million in funding for start-ups, which include tech-based ventures in Saudi Arabia. The VC firm oversees four technology-focused VC funds with more than $300 million in assets under management and $2 billion in co-investments.
(Writing by Cleofe Maceda; editing by Brinda Darasha)