Riyadh – Mubasher: Saudi Venture Capital (SVC) pumped investment of $15 million in Saqr Fund II, a venture capital (VC) fund managed by Vision Ventures, according to a press release.
Saqr Fund II has a target size of $90 million, with plans 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.
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 catalyze 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 as well as a subsidiary of the SME Bank, part of the National Development Fund.
Vision Ventures has invested in early-stage tech startups in Saudi Arabia and MENA since 2016, securing hands-on experience to help founders accelerate their companies’ growth.
