Saudi Venture Capital (SVC) is investing $30 million in Fund III, which supports technology start-ups in the kingdom and is managed by asset management and advisory firm IMPACT 46.

The fund seeks to invest in Saudi growth-stage companies and businesses that are up to pre-IPO stage in the Middle East region.

SVC has just signed a subscription agreement for the investment, which is part of an initiative that supports the development of Saudi’s venture capital ecosystem, according to a statement on Monday.

The kingdom emerged as the most funded country in the Middle East and North Africa (MENA) region in terms of VC funding during the first half of 2023, with total capital amounting to $446 million.

A subsidiary of Saudi’s SME Bank, SVC is a state investment firm that started in 2018.  It has deployed capital for 43 funds with investments in more than 700 businesses.

(Writing by Cleofe Maceda; editing by Seban Scaria)