Riyadh - Sharikat Mubasher: Saudi Venture Capital (SVC), a subsidiary of SME Bank, announced its investment in a $150 million Middle East Venture Fund IV, a venture capital fund managed by Middle East Venture Partners (MEVP), the company revealed in a statement.
The fund will invest in technology startups to support their growth from the seed stage to series A, series B, and IPO/exit to create Saudi and regional technology leaders.
Nabeel Koshak, CEO of SVC, stated that the investment supports the company’s strategy of backing funds that invest in early-stage startups based in Saudi Arabia, aiming to foster their growth into later stages.
On his part, Walid Mansour, Co-founder and Co-CEO at MEVP, commented: “With SVC's support, we will expand our investment footprint further in Saudi Arabia and amplify our positive economic and social impact in the Kingdom."
He clarified that MEVP has deployed more than $50 million in some Saudi technology startups, helping to create over 12,000 high-quality jobs and attracting $1.1 billion in co-investments over the past decade.
SVC is an investment company that aims to stimulate and sustain financing for startups and small and medium-sized enterprises (SMEs) from pre-seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
