Riyadh - Sharikat Mubasher: Saudi Venture Capital Company (SVC) concluded an agreement to invest SAR 112.5 million in Fund III managed by IMPACT46, the prominent asset management and advisory firm, SVC announced in a statement.

Fund III targets investing in Saudi growth-stage companies and up to pre-IPO stage businesses, with an allocation to seed-stage startups and promising startups in the Middle East.

The agreement was signed by Nabeel Koshak, the CEO and Board Member at SVC, and Abdulaziz Alomran, the Founder and CEO of IMPACT46, during a ceremony attended by officials and representatives of both entities.

Koshak said: “The investment in IMPACT46's Fund III is part of SVC's Investment in Funds Program to support the development of the venture capital (VC) ecosystem in Saudi Arabia for all sectors and stages.”

“This investment also comes to foster the growth witnessed recently by the VC sector in Saudi Arabia, which made it at the forefront of the VC scene in MENA during the first half of 2023, in terms of the amount of VC funding,” Koshak added.

Meanwhile, Alomran stated that Fund III aims to enhance the growth of the tech startup ecosystem in the Kingdom.

He said: “This partnership demonstrates our commitment to achieving our shared vision for driving a sustainable economic impact."

It should be mentioned that the Kingdom seized 42% of the total funding in the Middle East and North Africa region (MENA).