Middle East Venture Fund IV, a venture capital fund run by Middle East Venture Partners (MEVP), has been acquired by Saudi Venture Capital (SVC). The total size of the fund is $150 million.
Technology startups with strong growth potential that will benefit several areas of Saudi Arabia’s quickly modernizing economy in the long run will be supported by the fund. From the Seed stage to Series A, Series B, and IPO/exit, it will foster their development and guide their maturity to produce regional and Saudi technology leaders.
Dr. Nabeel Koshak, CEO and Board Member at SVC, said: “Our investment in the Middle East Venture Fund IV by MEVP supports SVC’s strategy of backing funds that invest in early-stage startups based in Saudi Arabia, aiming to foster their growth into later stages.”
Walid Mansour, Co-Founder and Co-CEO at MEVP, said: “MEVP has been a pioneering venture capital institutional investor in Saudi Arabia since 2012. Over the past decade, we have deployed more than $50 million in some of Saudi’s leading technology startups, helping to create over 12,000 high-quality jobs and also attracting $1.1 billion in co-investments that have added to Saudi Arabia’s FDI. With SVC’s support, we will expand our investment footprint further in Saudi Arabia and amplify our positive economic and social impact in the Kingdom.”
In 2018, SVC was founded as an investment firm. It belongs to the National Development Fund and is a subsidiary of the SME Bank. Through direct investment in startups and SMEs as well as fund investments, SVC seeks to support and encourage funding for these businesses from pre-Seed to pre-IPO.
