The Saudi Venture Capital Company (SVC) said it will make joint investments worth SAR1 billion (US$270 million) across 17 venture capital, private equity, and private debt funds managed by 11 American fund managers.
Established in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund (NDF). SVC aims to stimulate and sustain financing for startups and SMEs from pre-seed to pre-IPO. It has invested nearly US$3 billion through fund investments and direct investments so far.
In a release, the company said: “The move enhances economic partnership opportunities between the Kingdom and the United States and contributes to supporting the growth of technology and innovative companies in their late stages”.
The agreements were signed in Washington, in the presence of SVC Chief Executive and board member Dr Nabeel Koshak, along with Endeavor Catalyst Fund chief executive Linda Rottenberg and Valor Venture Fund chief executive Scott Sobel.