https://arab.news/bmusm
RIYADH: Startups in the Kingdom are set to benefit after Saudi Venture Capital Co. committed $15 million to Saqr 2 Fund, which targets early-stage investments across the region.
The $90 million fund, managed by Saudi-based Vision Ventures, targets businesses from pre-seed to pre-series B stages, spanning various sectors in the Kingdom and the broader Middle East and North Africa region, according to the Saudi Press Agency.
Nabeel Koshak, CEO and board member of SVC, said: 鈥淭he investment in Vision Ventures鈥� venture capital fund is part of our fund investment program.鈥�
He added: 鈥淚t aligns with our strategy to stimulate the establishment of funds that invest in Saudi startups and small and medium-sized enterprises at various growth stages. Additionally, we aim to encourage these funds to provide added value to the startups and SMEs.鈥�
Vision Ventures, a key player in the venture capital ecosystem, expressed confidence in the collaboration.
鈥淪VC鈥檚 continued commitment to our venture capital funds is a privilege for us,鈥� said Kais Al-Essa, co-founder and CEO of Vision Ventures, adding: 鈥淲e are proud to have SVC as a key investor in our funds once again, reaffirming the company鈥檚 ability to provide investors with exceptional performance and returns, attracting investors alongside other leading institutional investors like SVC.鈥�
This investment is part of SVC鈥檚 broader initiative to stimulate venture capital activity in 抖阴短视频 and foster the growth of startups and SMEs in the region.