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Value Makers Studio is setting up a USD 10 mn startup investment fund, in partnership with the Economic Development Centre and the Madinah Chamber of Commerce, Wamda reports. There’s no publicly available information about the fund’s potential focus sectors.
The new fund, Al Madinah Ventures, is looking to tap into the city’s pool of over 60k SMEs with the aim of luring tech startups into Madinah, which already contributes 7% of domestic GDP, the statement reads.
The initiative plans to attract over 30 investors annually and launch five new startups each year after the fund’s launch. The focus is on fostering job creation and innovation while building a dynamic ecosystem for tech-driven businesses.
