The fund will target tech-enabled startups across the region, with a focus on Saudi Arabia.
Saudi Arabian venture capital firm, Nama Ventures, has announced the launch of a new $27 million fund that has been raised from high-net-worth-individuals, family offices, and institutional investors. Though the fund will prioritise startups in KSA, Nama Ventures will also look to support pre-seed and seed stage startups across the region.
Led by two Silicon Valley veterans in managing partners, Abdullah Alaraj and Mohammed Alzubi,, Nama Ventures has an excellent track record when it comes to investment, something Alraj credits to the firm's slightly different approach.
“For instance, we invest in teams and do not back solo-run startups. It's our most important criteria,” he said. “We also want to lead startups, along with their founders, helping the ventures to grow from a seed to a forest, rolling up our sleeves and pruning them to realize and reach their full growth potential,” he added.
The fund will look to invest in tech-enabled startups, following the pandemic’s impact on life as we know it today, as sectors including fintech and ecommerce continue to boom.