The Saudi Venture Capital Company (SVC) has invested in the Jordan-based Propellers Ventures Fund, a firm investing early on in SaaS, enterprise software and cloud infrastructure.
The investment agreement was signed by SVC’s CEO and Board Member Dr. Nabeel Koshak and Propellers Venture Managing Partner Mr. Tambi Jalouqa.
Dr. Koshak said that investing in Propellers Ventures is part of the company’s program to invest in funds and is an extension of a series of the company’s investments and is in implementation of its strategy concerned with stimulating and sustaining funds for startups, mainly those in their first stages.
Dr. Koshak also added that the Kingdom of Saudi Arabia is witnessing an unprecedented growth in the volume and quality of startups deals as a result of having several innovative business entrepreneurs, capital venture funds, angel investor groups, and the availability of a developed organizational and legislative environment, where this speedy development is attributed to the capital venture in Saudi Arabia and launching several government initiatives to realize the Saudi vision 2030.
Propeller provides startups they invest in with real-world and practical mentoring, enabling investee companies to more successfully navigate the starting and growing successful businesses. SVC’s latest move to invest in software is part of the emergence of many innovative entrepreneurs, VCs, and angel investor groups, in addition to the availability of a sophisticated regulatory and legislative environment.
Established in 2018, SVC stimulated venture investments in the kingdom through two primary programs, Investment in Funds, and Co-investment in Startups.
