Arab News, Saturday, May 27, 2023 | Thul-Qidah 7, 1444
Saudi Venture Capital invests $7.5m to back SMEs, startups
Entrepreneurs in Saudi Arabia are set to
benefit from an investment of $7.5 million by Saudi Venture Capital into a fund
aimed at helping early and late-stage startups.
The fund is managed by Endeavor Catalyst, the investment arm of Endeavor Global.
The investment is part of SVC’s drive to inject $1.6 billion into startups and
small and medium enterprises.
SVC is a subsidiary of SME Bank, one of the development banks affiliated with
the National Development Fund.
The subscription agreement was signed by SVC CEO Nabeel Koshak and Allen Taylor,
managing partner at Endeavor Catalyst.
Abdulrahman Mansour, the acting CEO of the bank, also attended the ceremony.
Koshak said: “The investment in Endeavor Catalyst IV Fund is a result of the
recent support from SME Bank to increase the investment capital of SVC, leading
to a total investment capital of $1.6 billion. The investment is
also part of SVC’s Investment in Funds Program.”
Commenting on the deal, Taylor said: “We are delighted to extend our
collaboration with SVC, building upon the accomplishments achieved through
Endeavor Catalyst III.”