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Saudi Venture Capital Company  invests $30 million in Olive Rock Partners Fund I to support SMEs

Saudi Venture Capital Company (SVC)  has invested $30 million in the Olive Rock Partners Fund I, aimed at supporting Saudi SMEs in critical industries.

Founded in 2020 by Mohannad Qabaj and Abdullah Shahin, Olive Rock is an independent private equity firm based in Abu Dhabi Global Market (ADGM).

The CEO of SVC, Dr. Nabil Koshak, stressed the significance of this investment in light of the company’s plan to expand and improve funding for SMEs and startups, particularly in critical industries.

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He stated, “This investment is part of our fund investment program, representing a continuation of the series of investments the company has made in this field.”

The investment represents a critical strategic step towards improving financing for startups and small- and medium-sized businesses (SMEs) in the Kingdom.

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The programme’s goal is to encourage and assist in funding firms that are in the early stages of growth or expansion.

The co-founder of Olive Rock Partners, Mohannad Qabaj, acknowledged the value of the successful collaboration between the two organisations and thanked SVC for their investment and confidence.

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According to Qabaj, private equity partnerships will become more and more important in Saudi Arabia since they support the development of SMEs and the expansion and advancement of the investment landscape as a whole.

Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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