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Saudi Arabia-based investment firm CoreVision acquires VeFund to boost startup ecosystem

Saudi Arabia-based investment firm CoreVision has acquired a strategic stake in the Mena-focused  investment management platform VeFund, a pioneering platform at the forefront of startup evaluation and investor connections.

This acquisition not only solidifies VeFund’s position in the market but also introduces new opportunities for growth and development within the startup ecosystem.

“We at CoreVision are not just investors; we see ourselves as ecosystem builders. As such, our vision is to transform VeFund into a secondary market for startups, offering a platform for investors to trade safe notes, which is essential to contributing to the vibrancy of the startup community here in Saudi Arabia,” said Faisal Al-Abdulsalam.

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With this collaboration, CoreVision aims to leverage VeFund’s innovative AI technology to provide startups with the tools they need to thrive in a competitive landscape. 

Founded in 2023 by serial entrepreneur and AI expert itself Mohamed Gaber and his co-founder, Ahmed Magdy, VeFund has established as a leader in the startup investment sector through its pioneering AI evaluator. This technology is celebrated for seamlessly connecting startups with investors by providing crucial tools like an AI Survivability Index, valuation calculators, and extensive portfolio management solutions.

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Beyond these offerings, VeFund has played a pivotal role in assisting esteemed organisations such as CODE, Monshaat and the Development Bank of Saudi Arabia in organising demo days, effectively sourcing and evaluating startups, and facilitating these entities in discovering and valuing promising startups, thus significantly enhancing the investment and development landscape for new ventures.

As part of the acquisition, Faisal Al-Abdulsalam, an angel investor, serial entrepreneur, and founder & CEO of CoreVision, will take the helm as CEO of VeFund, bringing a wealth of experience and a fresh perspective to the organisation. With his accumulated experience and investments across 80+ investments in various sectors. 

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Milcah Lukhanyu
Milcah Lukhanyu
I cover tech news across Africa. Drop me an email at [email protected]

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