RIYADH: The Saudi Arabian Ministry of Investment issued six new business licenses and signed two Memorandum of Understanding at the ongoing Global Entrepreneurship Congress in Riyadh.
New business licenses were issued to four startups, including three e-commerce companies and one health-tech firm, along with a leading global accelerator and a venture capital firm.
These companies are expected to invest up to $162.2 million in Saudi Arabia.
Two MoUs were also signed between MISA and Saudi entities Monshaat and the Saudi Authority for Data and Artificial Intelligence to further support start-ups in the nation and foster entrepreneurialism.
“In Saudi Arabia the start-up scene is thriving, and there is enormous potential for venture capitalists,” said Khalid Al Falih, Minister of Investment.
Details of new business licenses
- imVentures, a venture capital fund that offers venture lending as well as equity. Investment of $100 million.
- Plug and Play, a world leading early-stage investor, accelerator, and corporate innovation platform with global headquarters in Sunnyvale, California in the Silicon Valley. Investment of $25 million
- Cartlow, a leading re-commerce startup offers pre-owned, refurbished, open box and clearance products that are tested and certified by experts. Investment of $13.4
- million.
- SOUM, an AI powered C2C market place for second-hand products. Investment of $4 million
- Rabbitmart, an on-demand ultra-fast delivery company with the promise of delivering groceries and other goods under 20 minutes. Investment of $14 million.
- Smileneo, a health tech company enabling doctors to be part of the digitalization of teeth straightening. Investment of $5.8 million.
(This story was amended based on new figures released by MISA)
