Vision Fund to back Saudi messaging startup

SourceArab News
SectorTechnology
CountrySaudi Arabia

DUBAI: Vision Fund, the high-tech investment group, is on the verge of its first big backing for a Saudi Arabian company, Arab News can reveal. The fund, which has raised about $130 billion of investment money in two separate rounds of fundraising, will back a Saudi messaging company, Rajeev Misra, the CEO, told Arab News. “We are on the cusp of making our first investment in a local company.

It’s a local messaging company, and we’re very excited about it. It will be announced shortly over the next week or 10 days,” Misra said in a “Frankly Speaking” video interview, declining to give further details until the company involved makes its announcement. The investment will be made from Vision Fund 2, the $30 billion fund set up last year with backing from SoftBank, the giant Japanese financial institution founded by Masayoshi Son. The Public Investment Fund of Saudi Arabia put $45 billion into the first Vision Fund, but declined...read more...