Saudi Venture Capital (SVC), a government investment corporation, was founded in 2018 to assist the expansion of Saudi Arabia's VC ecosystem. The company is a subsidiary of the SME Bank, one of the National Development Fund's development banks.
Saudi Venture Capital has now announced a $30 million investment in Shorooq Partners' Bedaya Fund II. The fund will primarily support early-stage entrepreneurs with a focus on multiple areas in order to survive in the country's VC environment.
This investment demonstrates the growing confidence in Saudi Arabia's robust startup ecosystem. Because of its sustained emphasis on Saudi Arabia and leadership position throughout the Middle East, Bedaya Fund II is well-positioned to aid early-stage enterprises in their expansion and innovation.
SVC proposes to invest $1.6 billion in funds and co-invest in enterprises to develop and sustain finance for startups and SMEs from pre-Seed to pre-IPO. SVC invested in 38 funds, which in turn invested in 674 firms through 1,257 transactions.
Dr Nabeel Koshak, CEO and Board Member of SVC, and Mahmoud Adi, Founding Partner of Shorooq Partners, signed the subscription agreement. Yousef Al-Benyan, Chairman of the SME Bank, and Abdulrahman Mansour, Acting CEO of the SME Bank, were present at the signing event.
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