Riyadh – Mubasher: Saudi Venture Capital (SVC) has committed an investment in MEVP’s $150 million fund for an undisclosed value, according to a press release.
Middle East Venture Fund IV, which is backed by the European Investment Bank (EIB), will invest in early-stage to growth-stage tech companies across the GCC, Levant, and North Africa.
The fund will support technology startups with high growth potential that will foster Saudi Arabia's rapidly modernising economy.
It will bolster their growth and steward their maturity from the Seed stage to Series A, Series B, and initial public offering (IPO)/exit to create Saudi and regional technology champions.
Walid Mansour, Co-Founder and Co-CEO at MEVP, said: "Over the past decade, we have deployed more than $50 million in some of Saudi's leading technology startups, helping to create over 12,000 high-quality jobs and also attracting $1.10 billion in co-investments that have added to Saudi Arabia's FDI.”
“With SVC's support, we will expand our investment footprint further in Saudi Arabia and amplify our positive economic and social impact in the Kingdom,” Mansour added.
Established in 2018, SVC is a subsidiary of the SME Bank and a part of the National Development Fund.
SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
