Friday, October 27, 2023

Saudi VC invests $7.5m in SMEs and startups


Saudi Venture Capital has invested $7.5 million into a fund managed by Endeavor Catalyst, aimed at supporting early and late-stage startups in Saudi Arabia. The investment is part of SVC’s larger initiative to inject $1.6 billion into small and medium enterprises. SVC is a subsidiary of SME Bank, which is affiliated with the National Development Fund. The subscription agreement was signed by SVC CEO Nabeel Koshak and Allen Taylor, managing partner at Endeavor Catalyst, with Abdulrahman Mansour, the acting CEO of the bank, also in attendance. Taylor expressed his delight at extending collaboration with SVC, building on the success of Endeavor Catalyst III.

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