Riyadh – Mubasher: Saudi Venture Capital (SVC) injected an investment in Raed III L.P., an early-stage venture capital fund managed by Raed Ventures, according to a press release.
The fund will target tech and tech-enabled startups across Saudi Arabia and the MENA region, primarily focusing on Seed and Series A stages.
It aims to anchor enterprise software, and business-to-business (B2B) software-as-a-service (SaaS) sectors, particularly in Saudi Arabia and UAE markets.
Nabeel Koshak, CEO and board member at SVC, said: “This commitment aims to accelerate the growth of these startups, diversify the national economy, and contribute to the objectives of Saudi Vision 2030.”
Omar Almajdouie, Founding Partner at Raed Ventures, commented: “We aim to support the growth of promising startups and contribute to the continued development of a thriving ecosystem in Saudi Arabia and beyond.”
Earlier this month, SVC unveiled investment in MEVP’s $150 million fund to back tech companies across the GCC region.
