Saudi Venture Capital invests $7.5m to back SMEs, startups

Saudi Arabia

Saudi Venture Capital invests $7.5m to back SMEs, startups

RIYADH: Entrepreneurs in Saudi Arabia are set to benefit from an investment of $7.5 million by Saudi Venture Capital into a fund aimed at helping early and late-stage startups.

The fund is managed by Endeavor Catalyst, the investment arm of Endeavor Global. The investment is part of SVC’s drive to inject $1.6 billion into startups and small and medium enterprises.

SVC is a subsidiary of SME Bank, one of the development banks affiliated with the National Development Fund.

The subscription agreement was signed by SVC CEO Nabeel Koshak and Allen Taylor, managing partner at Endeavor Catalyst.

Abdulrahman Mansour, the acting CEO of the bank, also attended the ceremony.

Koshak said: “The investment in Endeavor Catalyst IV Fund is a result of the recent support from SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion. The investment is also part of SVC’s Investment in Funds Program.”

Commenting on the deal, Taylor said: “We are delighted to extend our collaboration with SVC, building upon the accomplishments achieved through Endeavor Catalyst III.”