Saudi Arabia’s ANB Capital has tied up with Lexham Partners to back technology companies that are in their pre-IPO stage.

The partnership is starting a $200 million growth fund to allocate capital to businesses in the Middle East and North Africa (MENA), with a strong focus on Saudi Arabia.

The targeted firms are more established ones that are about to expand, or are preparing to go public on a stock exchange.

The fund will proritise enterprises with strong fundamentals, scalable platforms and clear alignment with Saudi Arabia’s Vision 2030, the two firms said.

“This fund gives us the scale to partner with ambitious founders and help them build businesses that can achieve global significance,” said Dominic Perks, Managing Partner, Lexham Partners.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com