Saudi Venture Capital (SVC) has invested $15 million into Vision Ventures‘ Saqr Fund II.
This investment by SVC, a Saudi government-backed fund of funds, marks their second time as an anchor investor in a Vision Ventures fund.
Saqr Fund II was launched in 2022 and is targeting $90 million to support early-stage startups, ranging from pre-seed to pre-Series B.
The fund takes a sector-agnostic approach, investing across various industries in Saudi Arabia and MENA.
Notable investments from Fund II include Faceki, Rewaa, NearPay, and Ejari, with Vision Ventures leading NearPay’s $3.6 million pre-Series A and participating in Rewaa’s $27 million Series A and Ejari’s $14.65 million seed round.
On the other hand, Vision Ventures was founded in 2016 by Haitham BuAisha and Kais Al-Essa. It has a strong track record in early-stage tech investments.
Before launching their first GP/LP fund in 2018, the duo initially invested from their balance sheet. SVC’s $15 million investment supports its mission to catalyse venture capital activity and ease the fundraising process for Saudi-based high-growth startups.
The larger fund size and wide-stage focus will enable Vision Ventures to conserve capital for follow-on investments, allowing them to continue backing promising startups from their early stages as they scale towards growth.
