Riyadh - Sharikat Mubasher: Saudi Arabia officially launched the Life Ventures Capital Fund with a target capital of SAR 188 million (around $50 million) to support startups and leading projects in the life sciences sector.
The fund was launched during Biban 2024, the Kingdom’s flagship event for startups and entrepreneurs.
Launching the Life Ventures Capital Fund marks a significant milestone in Saudi Arabia’s commitment to nurturing its startup ecosystem, particularly in the life sciences sector.
Biban 2024, which took place in Riyadh from 5 to 9 November, witnessed concluding agreements exceeding SAR 35.4 billion.
More than 1,350 local and international exhibitors, over 250 speakers, and more than 150 enablement entities from around the world participated in the event.
Organized by the Small and Medium Enterprises General Authority (Monsha’at), Biban 2024 targeted creating a stimulating environment, raising administrative, financial, and technical competencies, and motivating the owners of ideas to launch their projects by allowing them to meet with local and global experts and share knowledge with key decision-makers and investors.
It focused on empowering the entrepreneurial ecosystem in Saudi Arabia through nine doors: Enablement Door, Fast-growing Enterprises Door, Funding and Investment Door, Startup Door, Innovation Door, E-commerce Door, Franchise Door, Market Door, and Start Door.
