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Saudi Venture Capital (SVC) committed USD 15 mn to Vision Ventures’ Saqr Fund II which was established to back early-stage startups across the Kingdom and the region, according to a press release.
About the fund: Saqr Fund II — which is targeting a total fund size of USD 90 mn — will invest in local and regional pre-seed to pre-series B startups on a “sector-agnostic approach,” the statement said. SVC is an anchor investor in the fund.
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What they said: “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 minimize fund-raising entry barriers for fund managers who are looking to invest in Saudi-based high-growth startups during their different growth stages.”
Meet SVC: Established in 2018, SVC is an investment management firm focused on investments in private capital funds, including venture capital, private equity and others with USD 2 bn in assets under management. It is a subsidiary of the National Development Bank’s SME Bank.
IN OTHER STARTUP NEWS-
Homegrown startup consultant and investment community Tawaref has acquired AI solutions provider Amaana.ai, as it looks to boost its digital offerings for startups and investors, according to a press release. The acquisition leverages Amaana.ai’s AI-powered solutions and experience in automated licensing and banking tasks to add new services to Tawaref’s portfolio, including company formation, legal and accounting services, and registration via the government’s Saudi Landing Program. The statement did not disclose the value of the transaction.
