Riyadh – Sharikat Mubasher: Saudi-based Sharaka Financial Company, announced launching its “Sharaka Ventures” fund that targets investment in fast-growing tech startups of the Middle East and North Africa (MENA) region at their early stages, especially those involved in fintech and business software.
The company expressed its optimism towards the ecosystem of startups and venture capital (VC) in Saudi Arabia and the whole region, given that the demand for funding tech businesses doubled 12 times within the last 5 years, rising from SAR 435 million in 2019 to SAR 5.2 billion during 2023, according to a press release.
The company added that it puts an increasing confidence in the Saudi startup ecosystem in MENA as the Saudi market enjoys being the biggest GDP in the MENA region and witnessing significant growth in VC investments as two doubles as the remaining states in the region.
In the same context, Faris AlRashed, Managing Director and CEO of Sharaka Financial Company said: “The strategy we follow in the company revolves around creating customized investment funding solutions for startups either in tech or non-tech sectors. We aim to develop investment products that address the increasing demand for investments in tech and private equity business by exploiting the experience of the team in Sharaka Ventures in governance and relations building, which are not less important than selecting and managing these investments.”
