Saudi Arabia’s Venture Capital Landscape Expands Globally
Saudi Arabia’s venture capital scene is experiencing significant growth, with its impact reaching far beyond its borders. Global venture capital firms are taking advantage of the Kingdom’s expansive strategy, exemplified by the state-owned Saudi Venture Capital Co.’s $30 million investment in a US-based investment firm.
SVC has committed this substantial investment in a private equity fund managed by the renowned US-based investment firm General Atlantic. Nabeel Koshak, CEO and Board Member at SVC, stated, “The investment in the private equity fund by General Atlantic is part of SVC’s Investment in Funds Programme and an implementation of its strategy related to attracting top global fund managers to invest in Saudi-based companies as well as stimulating investment for later stages.”
General Atlantic to Focus on High-Growth Companies in Saudi Arabia
Established in 1980, General Atlantic is recognized as a global growth equity investor with a vast portfolio of $84 billion in assets under management. The collaboration between SVC and General Atlantic will concentrate on investing in high-growth, tech-enabled companies within Saudi Arabia, aiming to boost innovation and entrepreneurship in key sectors such as consumer goods, financial services, healthcare, life sciences, and technology.
Saudi Arabia’s WheeKeep Secures $8 Million Series A Funding
Saudi Arabian logistics startup WheeKeep has raised $8 million in a series A round led by Fintech Collective, with participation from local and international investors. Founded in 2020, WheeKeep provides mobile self-storage units for individuals and businesses, with the new capital intended to fuel the company’s expansion plans in Saudi Arabia and beyond.
Saudi Qsalary Partners with Itqan Capital for $80 Million Fund
Saudi HRtech company Qsalary has teamed up with Itqan Capital to launch an $80 million investment fund. Founded in 2022, Qsalary offers a digital platform for accelerated salary payments, with the fund aiming to provide investment opportunities for those seeking financial growth.
Qatari Investors Contribute $20 Million to MENA Fund I
Qatari investors are enhancing the regional startup landscape with a $20 million commitment to the newly announced MENA Fund I. Golden Gate Ventures, a venture capital fund, announced its first $100 million MENA fund, with $20 million in commitments from prominent Qatari families, signaling a significant step forward in driving innovation and entrepreneurship in the MENA region.
Glint Completes First Close of $3 Million Venture Fund
Egypt-based investment firm Glint has finalized the first close of its second venture fund at $3 million, supported by Wadi Degla Group. Led by Tarek Aboualam and Youssef Helmy Habib, Glint Fund II aims to support Egyptian entrepreneurs with early-stage investments ranging from $250,000 to $500,000, further developing the ecosystem to aid tech-based startups in penetrating regional and international markets.
UAE’s Property Finder Raises $90 Million Debt Round
Dubai-based Property Finder has secured $90 million in debt from Francisco Partners to facilitate the buyout of its first institutional investor, BECO Capital. The online real estate platform has repurchased BECO Capital’s stake, allowing the investor to exit with a strong return on its investment, as Property Finder joins the growing list of Middle Eastern unicorns.
UAE’s Lune Secures $1.5 Million in Seed Round
UAE-based data analysis company Lune has raised $1.5 million in a seed round from various investors, aiming to support regional expansion and product development. Founded in 2020, Lune enables financial institutions to leverage customer transaction data for valuable insights.
Egypt’s MNZL Raises $3.5 Million in Seed Funding
Egyptian fintech company MNZL has raised $3.5 million in a Seed round led by P1 Ventures, LocalGlobe, and Ingressive Capital, with support from other investors. Founded in 2023, MNZL allows users to convert assets like homes and cars into liquidity, aiming to revolutionize credit access and promote economic prosperity in the region.