Saudi Venture Capital doubles its investment in a venture debt fund to $32mln

Saudi Venture Capital doubles its investment in a venture debt fund to $32mln

Riyadh: The Saudi Venture Capital (SVC) announced the doubling of its investment in the global specialty lending fund managed by Partners for Growth (PFG), one of the international and experienced fund managers providing venture and growth stage debt instruments to startups and SMEs. This brings the total investment by SVC in the fund to $32 million. Last year, SVC announced its investment in the venture debt fund managed by PFG as the first venture debt fund in which SVC invests, following the launch of the “Investment in Venture and Private Debt Funds” product. The fund will continue to focus on offering venture debt instruments to high-growth startups and SMEs in several sectors. The subscription agreement was signed by the CEO and Board Member at SVC, Dr. Nabeel Koshak, and the Managing Director and Head of Europe, Middle East and Africa at PFG, Armineh Baghoomian. The signing ceremony was attended by the Acting CEO of the SME Bank, Abdulrahman Mansour. Dr. Koshak commented: “Doubling SVC’s investment in the venture debt fund by PFG comes as a result of the increasing demand for venture debt by Saudi startups, and to implement SVC's strategy related to the launch of the “Investment in Venture