Saudi Venture Capital (SVC) announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures, with a fund size exceeding $150 million.
According to an SVC press release, the fund will target investing in technology and tech-enabled sectors across Saudi Arabia, MENA, and Sub-Sahara Africa, focusing primarily on supply chain tech, agritech, enterprise SaaS, and emerging technologies, including artificial intelligence and deep tech.
SVC CEO and Board Member Dr. Nabeel Koshak said: “Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stages.”
SVC, an investment company established in 2018, is a subsidiary of the SME Bank, part of the National Development Fund. SVC aims to stimulate and sustain financing for startups and small and medium-sized enterprises (SMEs) from pre-seed to pre-IPO stages through investment in funds and direct investment in startups and SMEs.
Last year, Saudi Venture Capital invested $150 million in Middle East Venture Fund IV, a venture capital fund managed by Middle East Venture Partners (MEVP).
The fund will focus on supporting technology startups with high growth potential, aiming to drive long-term positive impact across multiple sectors of Saudi Arabia’s rapidly modernizing economy. It will support their growth and steward their maturity from the Seed stage to Series A, Series B, and IPO/Exit to create Saudi and regional technology champions.
