Riyadh –  Saudi Arabia-based venture capital (VC) firm IMPACT46 developed a new fund at a value of SAR 500 million ($133 million) to back tech startups across the MENA region, according to a press release.

The fund aims to endorse tech startups in different areas, with a main focus on fintech, e-commerce, and software as a service (SaaS). It is the third and largest fund by IMPACT46 and targets Saudi startups that have the potential to invest in promising businesses across the MENA region.

Abdulaziz Alomran, CEO of IMPACT46, highlighted that there are several key opportunities in the Kingdom to build businesses that anchor enhanced solutions.

Founded in 2018, IMPACT46 seeks to deploy advanced technologies in line with Saudi Vision 2030, which aims to boost the national economy and widen the Kingdom’s income streams.

Through its funds, the VC company pumped investments into 33 early and growth-stage startups.

In 2021, IMPACT46, which is authorised by the Capital Market Authority (CMA), registered SAR 4.90 billion worth of managed assets.

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