Saudi Venture Capital (SVC) on Wednesday announced a new investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures, reported the Saudi Press Agency (SPA).
The fund size exceeds $150mn and will mainly target investments in technology and tech-enabled sectors across Saudi Arabia, the Middle East and North Africa, and Sub-Saharan Africa, according to SVC press release.
Moreover, the fund will focus on supply chain technology, agritech, enterprise Software as a Service (SaaS), and emerging technologies, including artificial intelligence (AI) and deep tech.
We are pleased to announce our investment in a venture capital fund managed by @GlobalVC_MENA.
The fund will target investing in early-stage startups in tech and tech-enabled sectors across Saudi Arabia and the region.
For more details: https://t.co/vDcskQcHoK pic.twitter.com/zIi0cejfFL
— SVC (@SVC_SA) January 1, 2025
In the light of this, SVC CEO and Board Member, Nabeel Koshak, stressed the significance of the investment. He said: “Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stages.”
Similarly, the founder and managing partner at Global Ventures, Noor Sweid, noted that the investment will bolster startups in Saudi Arabia. “The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through,” Sweid said.
Established in 2018, SVC is an investment company and a subsidiary of the Small and Medium Enterprise Bank (SME Bank), which is part of the Saudi National Development Fund.
It aims to promote and sustain financing for startups and small and medium-sized enterprises (SMEs) from the pre-seed stage to the pre-IPO stage by investing in funds and through direct investment in startups and SMEs.
