RIYADH: Startups in Saudi Arabia’s technology sector are poised to benefit from a new investment announcement by Saudi Venture Capital, which has committed funds to Global Ventures III, according to a press release.
The early-stage venture capital fund managed by Global Ventures exceeds $150 million in size and will primarily target investments in technology and tech-enabled sectors across Saudi Arabia, the Middle East and North Africa, and Sub-Saharan Africa.
The focus areas for the VC fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies such as artificial intelligence and deep-tech.
Established in 2018, SVC is a subsidiary of the Small and Medium Enterprises Bank, which is part of Saudi Arabia’s National Development Fund.
The investment is in line with SVC’s broader goal of boosting venture capital activity in the Kingdom and supporting the growth of startups and small and medium-sized enterprises in the region.
Nabeel Koshak, the CEO and board member at SVC, highlighted the strategic importance of this investment, saying: “Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stage.”
Noor Sweid, founder and managing partner at Global Ventures, emphasized the significance of the investment in strengthening Saudi Arabia’s startup ecosystem.
“The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through,” Sweid said.
The partnership underscores the growing commitment to innovation and entrepreneurship in Saudi Arabia’s rapidly evolving tech landscape.
