Riyadh – Sharikat Mubasher: Sukna Ventures, the tech investment arm of Saudi-based Sukna Capital, is planning to invest over $80 million in startups across Saudi Arabia and the broader Middle East by the end of 2025.
This is supposed to bring the company’s total investment portfolio to more than $130 million in total, according to CEO Fares Bardeesi in remarks to Asharq Business.
The firm aims to back high-growth startups operating in digital infrastructure, fintech, and logistics. Founded in 2022, Sukna Ventures focuses on high-potential innovation sectors, while its parent company, Sukna Capital—launched in 2024 as a licensed Saudi investment platform—offers venture capital, direct lending, and private equity opportunities.
Bardeesi emphasized the need to close the SME funding gap in the Kingdom, noting that SME loans reached SAR 329billion in Q3 2024, just 9.1% of total banking credit, far below Vision 2030’s 15–20% target.
Sukna Ventures currently invests in over 20 startups, including Classera, Proteina, Mazen, Ankedot, and MoneyHash.
Sukna Capital is also preparing to launch the Sukna Direct Lending Fund, the first open-ended direct lending vehicle of its kind in Saudi Arabia and the region, with a target of SAR 375 million in its first year. The fund, which recently secured approval from the Capital Market Authority, expects its first close in August at SAR 50 million.
Sukna Capital has already assembled a deal pipeline exceeding $100 million, driven by demand from tech firms seeking structured finance. The firm is also exploring opportunities in the UAE and Egypt, with plans to launch parallel SME-focused funds across the Middle East.
