Saudi Venture Capital (SVC) has announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures, which has a fund size surpassing $150 million.
In a press release, SVC revealed that the fund will focus on investing in technology and tech-enabled sectors across Saudi Arabia, the MENA region, and Sub-Saharan Africa. Key sectors of interest include supply chain technology, agritech, enterprise SaaS, and emerging fields such as artificial intelligence and deep tech.
Dr. Nabeel Koshak, SVC’s CEO and Board Member, stated,
“Our investment in the Global Ventures fund aligns with SVC’s Investment in Funds Program and our strategy to drive venture investments into Saudi-based startups, particularly at their early stages.”
SVC was founded in 2018 as a subsidiary of the SME Bank under the National Development Fund.
Featured image credit: edited from Unsplash
