SVC Gives $7.5 Million To Fund Early to Late-Stage Startups in Saudi
The move signals SVC's commitment to nurturing the startup ecosystem in Saudi Arabia.
Saudi Venture Capital (SVC) has made an investment of $7.5 million into a fund dedicated to supporting early and late-stage startups in Saudi Arabia, with the aim of fostering entrepreneurial growth and innovation in the region. Managed by Endeavor Catalyst, the investment arm of Endeavor Global, the fund is part of SVC's broader initiative to inject $1.6 billion into startups and small and medium enterprises (SMEs).
SVC - a subsidiary of SME Bank, which is affiliated with the National Development Fund - recently signed a subscription agreement with Endeavor Catalyst. The agreement was formalized by SVC CEO Nabeel Koshak and Allen Taylor, the managing partner at Endeavor Catalyst, in the presence of Abdulrahman Mansour, the acting CEO of the bank.
“The investment in Endeavor Catalyst IV Fund is a result of the support from SME Bank, which has led to a total investment capital of $1.6 billion for SVC,” Koshak tells StartupScene. “The investment aligns with SVC's broader Investment in Funds Program.”
“We are delighted to extend our collaboration with SVC,” Taylor adds. “This builds upon the accomplishments achieved through Endeavor Catalyst III.”
The infusion of $7.5 million into the fund signals SVC's commitment to nurturing the startup ecosystem in Saudi Arabia. This injection of capital will provide vital support to entrepreneurs and contribute to the development of innovative businesses across the country.
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