Riyadh, Saudi Arabia: Saudi Venture Capital (SVC) announced its investment of $10 million in TVM Capital Healthcare’s Afiyah Fund to invest in innovative companies in the healthcare sector in the Kingdom of Saudi Arabia.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC and Dr. Helmut Schuehsler, Chairman and CEO at TVM Capital Healthcare. The signing ceremony was attended by Mr. Mazin Alghunaim, CEO of the SME Bank.
TVM Capital Healthcare is a specialized healthcare expansion and growth capital private equity firm, operating out of Riyadh and Dubai for the Middle East, as well as Singapore for the Southeast Asia region.
Commenting on the investment, Mr. Mazin Alghunaim, mentioned that SVC’s mandate is to develop the VC and PE ecosystems in the Kingdom, and to increase investment opportunities in startups and SMEs, thus supporting their success rate and continuous growth to successfully contribute towards achieving the Saudi Vision 2030.
Dr. Nabeel Koshak, CEO and Board Member at SVC, said: “The investment in TVM Capital Healthcare’s Afiyah Fund is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors, such as healthcare.”
Dr. Helmut Schuehsler, Chairman and CEO at TVM Capital Healthcare, commented: “We are raising this fund to finance innovative healthcare companies in the country and selectively bring highly innovative foreign companies into the Kingdom.”
The signing ceremony was also attended by Nora Alsarhan, Chief Investment Officer at SVC; and Haifa Bahaian, Chief Legal Officer at SVC, as well as TVM Capital Healthcare’s Managing Partners Tristan de Boysson and Orhan Osmansoy, and Operating Partner Othman Abahussein.