Saudi Venture Capital has $293.2mln investments in 20 funds

Some 116 Saudi startups have been backed since the company was established in 2018 until the end of the third quarter of 2021

  
Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.

Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.

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RIYADH: The Saudi Venture Investment Company (SVC) has investments worth SR1.1 billion ($293.2 million) in 20 funds, the company told Al Eqtisadiah.

Some 116 Saudi startups have been backed since the company was established in 2018 until the end of the third quarter of 2021, it said.

SVC signed letters of commitments with six VC funds in April, during the financial sector conference, in partnership with Derayah Financial, Raed Ventures, STV, Gobi 8Point Capital, Merak Capital, Impact Capital.

The company aims through those letters to approve investing in investment funds that will be established by fund managers.

SVC emphasized its rapid growth during the past three years, and the record size of the value of investment each year, coming as a result of government stimulus initiatives and the emergence of more active investors and innovative entrepreneurs, according to Al Eqtisadiah.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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