Saudi Venture Capital (SVC) announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures with a fund size exceeding $150 million.
The fund will focus on investments in technology and tech-enabled sectors across Saudi Arabia, the MENA region, and Sub-Saharan Africa. Key areas of interest include supply chain technology, agritech, enterprise SaaS, and emerging technologies such as artificial intelligence and deep tech, according to an SVC press release.
“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 catalyse venture investments by fund managers investing in Saudi-based startups, especially during their early stages,” said Dr Nabeel Koshak, CEO and Board Member of SVC.
Established in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. The company aims to stimulate and sustain financing for startups and small and medium-sized enterprises (SMEs) from pre-seed to pre-IPO stages through investments in funds and direct investments in startups and SMEs.
