RIYADH: One company invested $20 million in the early stage-focused Booster IV fund, demonstrating how Saudi Arabia’s venture capital ecosystem is continuing to support the local startup scene.
Saudi Venture Capital Co. declared that it will be investing heavily in the fund, which is run by Beco Capital and concentrates on investments around the Gulf. The fund presently manages $495 million in assets over four vehicles, with a focus on Saudi Arabia and the larger Gulf area. Its investing strategy covers a variety of sectors.
SVC CEO and board member Nabeel Koshak stated, “Our investment in Booster IV, managed by Beco Capital, is in line with our fund investment program and our strategy to support funds that back early stage startups in Saudi Arabia.”
SVC was founded in 2018 and is a division of the SME Bank, which is a division of the National Development Fund of Saudi Arabia.
The company supports small and medium-sized businesses and startups from the pre-seed stage to the pre-IPO through investing and co-investments in high-potential startups. It is committed to promoting and maintaining finance for these businesses.
Also Read:
After the US Fed’s Decision, the Saudi Central Bank Cuts the Benchmark Rate by 25 Basis Points
Early in the Upcoming Year, Riyadh Air Plans to Decide on a New Jet Order
