Wednesday February 28th, 2024
Download SceneNow app

Saudi Arabian VC Firm IMPACT46 Launches $133 Million Fund

The fund will invest in fintech, e-commerce and SaaS startups in Saudi Arabia and across the MENA region.

Startup Scene

IMPACT46, a Saudi Arabia-based VC firm, has launched a $133 million fund to invest in technology startups in Saudi Arabia and across the MENA region.

Through this fund, IMPACT46 aims to support startups operating in fintech, e-commerce, and SaaS, further strengthening the kingdom’s startup ecosystem and diversifying its economy, which is in line with Saudi Vision 2030.

While the fund will mainly be used for Saudi startups, it will also seek to invest in promising startups across the region.

“The fund will continue to support ambitious entrepreneurs in the kingdom and MENA by providing them with the required capital,” Abdulaziz Alomran, CEO of IMPACT46, tells StartupScene. “There are many promising opportunities in the kingdom to build businesses that develop innovative solutions.”

This is IMPACT46’s third fund to date. The company’s first fund, The Seed Fund, was in 2019, followed by The Growth Fund, in 2021. The funds recorded a 3.6x and a 1.9x return on investments respectively.