Startups in Saudi Arabia are set to gain from a new financial boost as Saudi Venture Capital Co. (SVC) has pledged $15 million to the Saqr 2 Fund. This fund, valued at $90 million and managed by Vision Ventures, focuses on early-stage investments across the Middle East and North Africa, from pre-seed to pre-series B stages.
Nabeel Koshak, CEO of SVC, highlighted that this investment is part of their broader strategy to support the creation of funds that invest in Saudi startups and SMEs. The goal is to provide added value to these businesses at various growth stages.
Vision Ventures, a significant player in the venture capital scene, expressed enthusiasm about this partnership. Kais Al-Essa, co-founder and CEO, emphasized the privilege of having SVC as a key investor, which underscores the firm’s ability to deliver exceptional returns and attract major institutional investors.
This initiative is a part of SVC’s ongoing efforts to boost venture capital activities in Saudi Arabia, aiming to nurture the growth of startups and SMEs in the region.
