 has invested $15 million in Saqr Fund II, a venture capital fund managed by Vision Ventures.){kind=link}
Saudi Venture Capital (SVC) has invested $15 million in Saqr Fund II, a venture capital fund managed by Vision Ventures.
Saqr Fund II, with a target size of $90 million, aims to invest in early-stage startups from pre-seed to pre-series B with a sector-agnostic approach in Saudi Arabia and the MENA region.
Dr. Nabeel Koshak, CEO and Board Member at SVC commented: “Our investment in the venture capital fund by Vision Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyse venture investments and minimise fund-raising entry barriers for fund managers who are looking to invest in Saudi-based high-growth startups during their different growth stages.”
Established in 2018 , SVC is an investment company and is a subsidiary of the SME Bank, part of the National Development Fund (NDF). SVC aims to stimulate and sustain financing for Startups and SMEs from to pre-IPO by investing $2.2 billion through investment in funds and direct investment in startups and SMEs.
Saudi Arabia’s Venture Capital market is flourishing, with a surge in tech startups attracting increasing investor interest and driving innovation. It’s expected to see Total Capital Raised in the Venture Capital market reaching US$668.60m in 2024. Early Stage leads the market with a projected market volume of US$331.40m in 2024.
Kais Al-Essa, Founding Partner and CEO of Vision Ventures, commented: “SVC’s continued commitment towards our venture capital funds is a privilege. We are proud to have SVC as an anchor investor in our fund once again. Our ability to provide investors with exceptional performance and returns continues to attract investors, along with exceptional anchor investors such as SVC. Due to our entrepreneurial beginnings, we are best positioned to identify, partner with, and foster the growth of multiple startup and founder teams toward amazing results. We are passionate about what we do, and we have the track record to prove it.”