STV says led 30% of all venture capital funding in Saudi since 2018

The company has $500mln in capital

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

DUBAI- Saudi venture capital firm STV said on Sunday it has led 30% of all venture capital funding in Saudi Arabia since 2018, contributing to job creation and digital transformation, even during the COVID-19 pandemic.

The company, which has $500 million in capital, in its impact report said its portfolio companies have processed over $3.7 billion in transactions and generated over $480 million in revenue.

STV said it co-led the last investment round in ride-hailing firm Careem and exited the Dubai-based firm after it was sold to Uber Technologies Co Ltd for $3.1 billion.

Even in the Middle East and North Africa, STV accounted for 16% of total venture capital fundraising, it said.

STV said it has invested in 11 companies across nine industries.

Investments include Vezeeta, which has created a dedicated phone line that allows individuals to speak to doctors free of charge about the coronavirus, and truck delivery application Truckker, based in the United Arab Emirates.

(Reporting by Saeed Azhar; Editing by Christopher Cushing) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))