Riyadh - Sharikat Mubasher: STV, the leading growth investor in the tech sector in the Middle East and North Africa (MENA) region, launched a $100 million fund backed by Google to support AI-native startups across the region.
Google’s involvement in the fund represents a transformative step towards enabling early-stage AI startups and accelerates their growth beyond the region, a recent statement revealed.
The AI Fund will focus on investing in ventures that specialize in application-layer AI, localized AI models, and the necessary supporting infrastructure.
Ahmad AlNaimi, General Partner at STV, commented: “By combining our regional expertise with Google’s global AI leadership, we will be able to scale regional startups that can compete on a global level.”
Meanwhile, Najeeb Jarrar, Regional Marketing Director for Google in the Middle East and Africa, affirmed the company’s commitment to providing access to the AI opportunity for everyone. “This includes work like the MENA AI Opportunity Initiative, announced last year, alongside valuable programs such as our flagship Google for Startups programs. Our commitment to the STV AI Fund allows us to continue supporting entrepreneurs who are building the future of AI in the region,” he said.
This collaboration is expected to spark the first of many cohorts of AI-native ventures and pave the way for the region to become a home base for global technology companies.
