The Clap
The Saudi Venture Capital Company (SVC) revealed its investment in the “Propeller” investment fund, which focuses on investing in start-up companies that operate in the software field.
The Deets
Dr. Nabeel Koshak, CEO of SVC, explained that investing in the Propeller fund is in line with the company’s program based on investing in funds.
Saudi Venture Capital
SVC is a state-owned company established by the Small and Medium Enterprises General Authority (Monsha’at) as part of a program to develop the financial sector in KSA.
The company invested in 30 investment funds, both in the field of venture capital and private equity with the aim of stimulating and sustaining the financing of start-ups and SMEs from the pre-incorporation stage to right before the IPO, through an investment of SAR 3.8 billion ($1 billion).
Why this Matters
KSA is witnessing growth in the volume and types of deals for start-ups, according to Dr. Nabil Koshak.
This is due to the emergence of many innovative entrepreneurs, VC funds, and angel investor groups.
SVC develops an interest in software 💻
