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SVC backs MEVP fund to fuel Saudi tech expansion: SME Bank subsidiary Saudi Venture Capital (SVC) has contributed to Middle East Venture Partners’ (MEVP) new Saudi-focused USD 150 mn Middle East Venture Fund IV as an anchor investor, according to a press release. The size of SVC’s investment in the fund was not disclosed.
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Fund profile: The fund — which will be managed by MEVP — set its sights on nurturing high-growth tech companies based here at home, providing support from the seed stage all the way to their IPO.
What they said: “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,” Co-founder and Co-CEO of MEVP Walid Mansour said.
Dubai-based MEVP is no stranger to KSA: The regional VC has operated in the Kingdom for over a decade, investing some USD 50 mn in local tech startups while creating 12k jobs and attracting USD 1.1 bn in co-investments, Mansour added.
IN OTHER STARTUP NEWS-
Social Development Bank (SDB) partnered with Saudi National Bank (SNB) to set up a SAR 10 mn financing package targeting local entrepreneurs and startups under SNB’s social responsibility program Ahalina, state news agency SPA reports. The funding package will be directly managed by SDB.
