Riyadh - Sharikat Mubasher: The Saudi Venture Capital Company (SVC) injected investments in 40 funds that invested in more than 700 startups and small and medium-sized enterprises (SMEs), the company unveiled in a press release.
The Impact Report showed that SVC deployed a total capital of SAR 1.2 billion and has committed investments worth SAR 2.6 billion since its inception, with total investments including partners estimated at SAR 13.6 billion.
The SVC’s strategy contributed over the past five years to raising the number of investors in Saudi startups and SMEs, encouraging existing and new financial companies to establish VC and private equity funds, and motivating regional and global funds to invest in Saudi startups.
The VC funding deployed into Saudi startups jumped 21 times to $1.4 billion in 2023, compared to $65 million in 2018, the year SVC was launched.
Nabeel Koshak, CEO of SVC, emphasized the company’s commitment to enhancing the private capital ecosystem in the Kingdom by launching required investment programs and products that are based on the analysis of the ecosystem’s needs.
“This will stimulate private investors to provide support in turn for startups and SMEs to be capable of fast and high growth, which leads to diversifying the national economy and achieving the goals of the Saudi Vision 2030,” Koshak added.
