Saudi Venture Capital (SVC) has invested $10 million in TVM Capital Healthcare’s Afiyah Fund to develop innovative companies in the healthcare sector in the Kingdom of Saudi Arabia.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC and Dr. Helmut Schuehsler, Chairman and CEO at TVM Capital Healthcare. The signing ceremony was attended by Mr. Mazin Alghunaim, CEO of the SME Bank.
TVM Capital Healthcare is a specialized healthcare expansion and growth capital private equity firm, operating out of Riyadh and Dubai for the Middle East, as well as Singapore for the Southeast Asia region.
Commenting on the investment, Mr. Alghunaim, mentioned that SVC’s mandate is to develop the VC and PE ecosystems in the Kingdom, and to increase investment opportunities in startups and SMEs, thus supporting their success rate and continuous growth to successfully contribute towards achieving the Saudi Vision 2030.
Dr. Nabeel Koshak CEO & Board Member SVC
“The investment in TVM Capital Healthcare’s Afiyah Fund is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors, such as healthcare.”
Dr. Schuehsler, commented that “We are raising this fund to finance innovative healthcare companies in the country and selectively bring highly innovative foreign companies into the Kingdom.”
In June this year, SVC announced its investment in a global specialty lending fund managed by Partners for Growth (PFG). The fund focuses on offering venture debt instruments to high-growth startups and SMEs in several sectors, such as technology, fintech, healthcare, and life science.
