GCC-based investors, family offices launch VC fund Waad Investment

Gulf investors, family offices launch new VC fund: Saudi investor Yaser AlGhamdi, the AlMajed and AlMisfer family offices, and other GCC-based investors and family offices have launched Riyadh-based VC fund Waad Investment in a bid to support growth-stage startups, according to a press release (pdf). Information about the ticket size that will be offered by the fund wasn’t disclosed.

The SAR 750 mn fund aims to “bridge the financial gap many startups face and will offer comprehensive support that includes financial investment, mentorship, and guidance,” said Al Ghamdi, who is the fund’s chief investment operations officer. The fund currently has a portfolio of 23 startups, in fintech, proptech, AI, and F&B. Waad Investment has invested in a total of 35 companies.

A tech-focused fund? While it it’s not clear whether the fund will target tech-driven startups only, or adopt a sector-agnostic approach, its Managing Director and CEO Nasser Al Majed said that “the alliance aims to change the rules of how family offices invest in startups, and to reassure the entrepreneurial ecosystem that family offices possess the expertise in exit strategies, IPOs, and financial solvency to lead the tech scene.”