Saudi Venture Capital Boosts Regional Startup Funding with $30 Million Investment
RIYADH: In a move set to revolutionize the startup funding landscape, Saudi Venture Capital (SVC) has announced a massive $30 million investment in Olive Rock Partners Fund I. The strategic investment is aligned with SVC’s vision to foster and sustain financing for startups and small and medium-sized enterprises operating in key sectors.
Empowering the Ecosystem with Olive Rock Partners Fund I
Olive Rock Partners Fund I, a regional private equity fund, is dedicated to mid-market buyouts driven by demographics, geographical advantage, and technology. The fund aims to bolster the startup ecosystem and propel growth in the region.
Key Partnership to Drive Innovation
The agreement between SVC and Olive Rock Partners was signed by Nabeel Koshak, CEO and board member of SVC, and Muhannad Qubbaj, founding partner of Olive Rock Partners. The collaboration marks a significant milestone in the effort to support startups and SMEs in strategic sectors.
Strategic Investments for Sustainable Growth
Koshak emphasized that the investment in Olive Rock Partners Fund I is part of SVC’s Investment in Funds Program, aimed at nurturing financing for startups and SMEs. Qubbaj expressed gratitude for SVC’s trust and highlighted the partnership’s potential to drive growth in the SME space in Saudi Arabia.
Commitment to Financing Innovation
Established as a subsidiary of the SME Bank in 2018, SVC is dedicated to providing financing for startups and new enterprises at various stages. The recent investments in Ruya Private Capital I LP fund and IMPACT46 Fund III demonstrate SVC’s commitment to bridging financing gaps for startups and empowering late-stage companies in the region.