TLDR:
- Saudi Arabia’s venture capital sector is expanding with global firms investing in the Kingdom.
- The Saudi Venture Capital Co. has made a significant investment of $30 million in a US-based investment firm, General Atlantic.
Saudi Arabia’s venture capital sector is experiencing exponential growth, with global venture capital firms capitalizing on the Kingdom’s expansive strategy. The state-owned Saudi Venture Capital Co. (SVC) recently made a substantial investment of $30 million in a private equity fund managed by the renowned US-based investment firm, General Atlantic. Established in 1980, General Atlantic oversees a vast portfolio of $84 billion in assets under management and is now focusing on investing in high-growth, tech-enabled companies within Saudi Arabia, aiming to boost innovation and entrepreneurship in key sectors such as consumer goods, financial services, healthcare, life sciences, and technology.
The partnership between SVC and General Atlantic is part of SVC’s Investment in Funds Programme and aligns with its strategy to attract top global fund managers to invest in Saudi-based companies, stimulating investment for later stages. Bill Ford, Chairman and CEO of General Atlantic, expressed pride in partnering with SVC to deepen their expertise in Saudi Arabia, highlighting the attractive investment opportunities created by Vision 2030. This initiative reflects Saudi Arabia’s commitment to fostering growth and innovation in the region.
In addition to this significant investment, other ventures in the region are gaining momentum. Saudi Arabian logistics startup WheeKeep secured $8 million in a series A round, while Saudi HRtech company Qsalary partnered with Itqan Capital to launch an $80 million investment fund. Furthermore, Qatari investors committed $20 million to the newly announced MENA Fund I, the first international venture capital fund managed within Qatar. These developments underscore the growing interest and investment in the startup and venture capital landscape in the Middle East.
