The acquisition of VeFund, a cutting-edge platform at the forefront of startup evaluation and investor connections, has been announced with great excitement by Saudi Arabian investment firm CoreVision. With the addition of AI-driven technologies to its portfolio, this strategic partnership represents a major turning point in CoreVision’s growth into the startup community.
VeFund, which was founded in 2023 by serial entrepreneur and AI specialist Mohamed Gaber and his co-founder Ahmed Magdy, is a pioneer in the startup investment space thanks to its innovative AI evaluator. With the help of vital tools like an AI Survivability Index, valuation calculators, and comprehensive portfolio management solutions, this technology is praised for its ability to connect startups with investors in a smooth and efficient manner. In addition to these services, VeFund has been instrumental in helping prestigious organizations like CODE, Monshaat, and the Development Bank of Saudi Arabia to host demo days, source and assess startups efficiently, and help these organizations identify and assess promising startups, all of which have improved the climate for investment and development for new businesses.
VeFund’s position in the market is strengthened by this acquisition by CoreVision, which also creates new chances for expansion and improvement within the startup community. CoreVision wants to give startups the resources they need to succeed in a cutthroat market by partnering with VeFund to take advantage of its cutting-edge AI technology.
As part of the acquisition, VeFund will welcome Faisal Al-Abdulsalam as CEO. He is a serial entrepreneur, angel investor, and the founder and CEO of CoreVision. He will bring a wealth of experience and a new viewpoint to the company. with his extensive background and portfolio of more than 80 investments in a range of industries.
“We at CoreVision are not just investors; we see ourselves as ecosystem builders. As such, our vision is to transform VeFund into a secondary market for startups, offering a platform for investors to trade safe notes, which is essential to contributing to the vibrancy of the startup community here in Saudi Arabia,” said Faisal Al-Abdulsalam.
Mohamed Gaber, co-founder of VeFund, who currently serves as the founder and CEO of Velents, said: “I am excited about the future of VeFund and believe strongly that this transition will drive VeFund’s mission forward, fostering an environment of innovation and success for startups across the Middle East.”
