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Saudi Arabia has launched Beta Lab, a deep technology venture capital and co-creation studio, to focus on regional deep tech startups.
The new platform was launched in partnership with the Saudi Ministry of Investment, Future Investment Initiative Institute (FII), KBW Ventures, and several global partners.
The new studio will provide a range of services to help entrepreneurs turn their innovative ideas into successful businesses, according to a statement published on KBW Ventures website.
These services include product development, business development, capital, and more.
“Beta Lab’s launch is in line with the Kingdom’s Vision 2030, which aims to diversify the economy and support the growth of innovative startups,” said Minister of Investment Khalid Al-Falih.
“We are confident that the studio’s focus on deep technology will bring significant value to the Kingdom’s startup ecosystem and help drive economic growth,” he added.
Abdulrahman Alolayan, CEO, Beta Lab. “Deep tech has the potential to change the world in countless ways, and we believe that by providing the resources and support that these startups need, we can help them achieve their full potential.”
As the region’s first venture capitalist to invest in deep technology startups, KBW Ventures Founder and CEO Prince Khaled bin Alwaleed bin Talal Al Saud will support Beta Lab’s cohorts through his industry expertise and background in the sector.
The studio aims to attract global founders, talents, and startups to Riyadh and capitalise on the Kingdom’s strategy to act as a regional hub for global talent.
The studio is currently accepting applications from entrepreneurs and startups from around the world, the statement said.
(Writing by D Madhura; Editing by Anoop Menon)
