Saudi SVC signs investment deal with technology investment fund

The deal will stimulate capital financing to small and medium-sized enterprises

  
The King Fahd highway in Riyadh, Saudi Arabia. Image use for illustrative purpose

The King Fahd highway in Riyadh, Saudi Arabia. Image use for illustrative purpose

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Riyadh – The Saudi Venture Capital Company (SVC) signed on Monday an investment contract with the venture capital (VC) fund Merak Technology Investment Fund, licensed by the Capital Market Authority (CMA), to encourage the establishment of VC funds that invest in startups during their various stages of growth.

This investment will stimulate capital financing to small and medium-sized enterprises (SMEs) and entrepreneurs, enhance investment channels in startups, and benefit from local capabilities, with the aim of generating profits to investors and strategic returns that serve the growth of the Saudi economy, Saudi Press Agency (SPA) reported on Tuesday.

The collaboration comes as part of the VC initiative launched by the General Authority for Small and Medium Enterprises (Monsha’at) to support and promote the spread of private and venture capital funds, boost the financing environment for entrepreneurs in the kingdom, close current financing gaps for startups, while increasing investment opportunities in SMEs and further contributing to the success of startups and the continuity of their growth.

Source: Mubasher

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