The Saudi Venture Capital Company (SVC) has announced its investment in Raed Fund III, managed by Raed Ventures.
Raed Fund III targets technology startups in the Kingdom and the Middle East and North Africa region.
The fund focuses on investing in early-stage startups, particularly Seed and Series A, with a particular focus on the FinTech, Enterprise Software and Business to Business (B2B SaaS) sectors, primarily in the Saudi and Emirati markets.
Dr. Nabil Koshak, CEO and Board Member of the Saudi Venture Capital Company, stated that the investment in Raed Fund III is in line with the company’s strategy to support private investment funds that focus on Saudi startups at various stages of their growth, with the aim of accelerating their growth, diversifying the national economy, and achieving the goals of Vision 2030.
For his part, Omar Almajdouie, founding partner at Raed Ventures, explained that this strategic partnership builds on the success of the previous cooperation in the “Raed II” Fund, praising the role of the Saudi Venture Capital Company in driving the sector’s progress in the Kingdom.
It is noteworthy that the Saudi Venture Capital Company was established in 2018. It is a subsidiary of the Small and Medium Enterprises Bank, one of the National Development Fund funds.
It aims to stimulate and sustain the financing of start-ups and small and medium enterprises from the pre-establishment stage to the pre-public offering stage.
This investment comes just days after Saudi Venture Capital invested in the $150 million Middle East Venture Fund IV managed by MEVP.
