Riyadh – Mubasher: Saudi Venture Capital (SVC) has invested a total of $5 million in a fintech fund managed by VentureSouq (VSQ).
The fund will mainly back early-stage fintech startups and support the sector’s growth in Saudi Arabia, according to a press release.
Nabeel Koshak, CEO and Board Member at SVC, highlighted: "This growth is driven by the launch of many governmental initiatives that stimulate the fintech sector, such as the "Saudi Fintech" initiative launched by the Saudi Central Bank (SAMA) in partnership with the Capital Market Authority (CMA)."
Maan Eshgi, General Partner at VSQ, commented: "Fintech continues to be one of the largest, most dynamic, and most consequential spheres of innovation in the world. It serves the application of new technologies, including web3, AI, and quantum computing."
Established in 2018, SVC is a government investment firm and a subsidiary of the SME Bank, one of the developmental banks affiliated with the National Development Fund (NDF).
SVC aims to stimulate and sustain financing for startups and small and Medium Enterprises (SMEs) from pre-seed to pre-initial public offering (IPO) by injecting investments valued at $2 billion in funds and startups.
The company has pumped investments in 43 funds that endorsed more than 700 companies.
