Saudi Venture Capital (SVC), a subsidiary of the National Development Fund’s SME Bank, is investing in a $150 million venture capital (VC) fund to support technology start-ups in the kingdom.
The new investment in Middle East Venture Fund IV, which is managed by Middle East Venture Partners (MEVP), is expected to back start-ups from the seed stage through IPO/ exit.
“Our investment… supports SVC’s strategy of backing funds that invest in early-stage start-ups based in Saudi Arabia, aiming to foster their growth into later stages, “ said Nabeel Koshak, CEO and Board Member at SVC.
MEVP has deployed over $50 million in funding for start-ups, which include tech-based ventures in Saudi Arabia. The VC firm oversees four technology-focused VC funds with more than $300 million in assets under management and $2 billion in co-investments.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
