In its unwavering dedication to bridging financial gaps for startups, Saudi Venture Capital Co. (SVC) has injected SR112.5 million ($29.9 million) into IMPACT 46 Fund III. This strategic move is poised to empower late-stage companies across the region by fostering growth during the crucial pre-initial public offering (IPO) phase.
Late-stage companies are those businesses that have been operating for several years and have established their viability. The investment aims to facilitate a specific allocation for early-stage startups, with a primary focus on seed funding rounds throughout the wider Middle East.
Nabeel Koshak, CEO of SVC, emphasized, “The investment in IMPACT 46’s Fund III aligns with our fund investment program, which seeks to bolster the growth of the venture capital ecosystem for startups in the Kingdom, spanning all stages and sectors. This mirrors the remarkable growth witnessed in the Kingdom’s venture capital sector over the past years, positioning it as a leader in the Middle East and North Africa in terms of invested amounts during the first half of 2023.”
The Kingdom of Saudi Arabia has achieved a significant milestone by securing the top position in venture capital value for the first half of 2023, with investments surpassing $446 million, marking the highest figure in the MENA region.
Abdulaziz Al-Omran, CEO, and Founder of IMPACT 46, expressed his enthusiasm for the partnership, stating, “We are thrilled that SVC and IMPACT 46 are once again collaborating, this time with our Fund III, aimed at nurturing the tech startup ecosystem in Saudi Arabia. This collaboration underscores our shared vision for fostering a sustainable economic impact.”
Al-Omran continued, “This investment not only signifies the growing maturity of VC activity in Saudi Arabia but also underscores the Kingdom’s potential to emerge as a frontrunner in this sector.”
Established in 2018, SVC operates under the auspices of the SME Bank and the National Development Fund. SVC has directed its resources and efforts towards empowering startups, amassing an impressive investment portfolio totaling $2 billion. The company’s influence extends across 43 investment funds and over 700 startups and small and medium-sized enterprises, firmly positioning SVC as a catalyst for entrepreneurial growth
