Sukna Ventures, the technology investment arm of Saudi-based Sukna Capital, is set to inject over USD 80 million into startups across Saudi Arabia and the wider Middle East, bringing its total portfolio size to more than USD 130 million.
The announcement, made by Fares Bardeesi, CEO of Sukna Capital, in a statement to Asharq Business, signals the firm’s expanding role in fueling regional tech innovation across key verticals including digital infrastructure, fintech, and logistics.
Doubling Down on Tech and SME Finance
Founded in 2022, Sukna Ventures has quickly emerged as a key player in Saudi Arabia’s alternative investment scene.
The firm focuses on multi-asset strategies with a core emphasis on digitally transformative sectors. It currently backs more than 20 high-growth tech startups across the MENA region.
Beyond equity investments, Sukna Ventures is also tackling structural financing gaps facing small and medium enterprises (SMEs) in the Kingdom. As of Q3 2024, SME lending stood at SAR 329.23 billion, accounting for just 9.1% of total bank credit, well below the Vision 2030 target of 15–20%.
Sukna Ventures Fund for Direct Financing Launches
To address this, the firm has launched the Sukna Fund for Direct Financing (SFDF), an open-ended, Sharia-compliant lending vehicle that will provide asset-backed financing to underserved SMEs, without requiring equity dilution.
The Saudi Capital Market Authority has approved the fund’s launch, with an initial target size of SAR 375 million (USD 100 million) in its first year.
The fund is designed to be flexible and investor-friendly, offering periodic liquidity and avoiding long lock-up periods, while directly contributing to the Kingdom’s goals of economic diversification and SME empowerment.
According to Bardeesi, the fund and the planned investments together reflect Sukna Ventures’ broader vision: to build a sustainable financing bridge for the next generation of regional innovators, while offering investors exposure to one of the fastest-growing segments of the Gulf economy.
