Saudi Venture Capital (SVC) announced an investment of $15 million in Saqr Fund II, a venture capital fund managed by Vision Ventures.
Saqr Fund II, with a target size of $90 million, will invest in early-stage startups from pre-seed to pre-series B with a sector-agnostic approach in Saudi Arabia and the MENA region.
Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: “Our investment in the venture capital fund by Vision Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyse venture investments and minimise fund-raising entry barriers for fund managers who are looking to invest in Saudi-based high-growth startups during their different growth stages.”
Kais Al-Essa, Founding Partner and CEO of Vision Ventures, commented: “SVC’s continued commitment towards our venture capital funds is a privilege. We are proud to have SVC as an anchor investor in our fund once again. Our ability to provide investors with exceptional performance and returns continues to attract investors, along with exceptional anchor investors such as SVC. Due to our entrepreneurial beginnings, we are best positioned to identify, partner with, and foster the growth of multiple startup and founder teams toward amazing results. We are passionate about what we do, and we have the track record to prove it.”