Global Ventures III, an early-stage venture capital fund run by Global Ventures, has received an investment from Saudi Venture Capital (SVC). The size of the fund exceeds $150 million.
With a primary focus on supply chain technology, agritech, enterprise SaaS, and emerging technologies like artificial intelligence and deep technology, the fund will aim to invest in tech and tech-enabled sectors throughout Saudi Arabia, MENA, and Sub-Saharan Africa. SVC’s CEO and board member, Dr. Nabeel Koshak, stated:
“Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyse venture investments by fund managers investing in Saudi-based startups, especially during their early stages.”
Noor Sweid, Founder and Managing Partner at Global Ventures, added: “We are proud of our deep and continued partnership with SVC, and the investment underscores our continued deep commitment to enabling and building the Saudi Arabian VC and startup ecosystem. The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through.”
Founded in 2018, SVC is an investment firm. It is a division of the National Development Fund’s SME Bank. Through fund investments and direct investments in startups and SMEs, SVC seeks to promote and maintain funding for these businesses from pre-Seed to pre-IPO.
