SVC invested $30 million in IMPACT46's Fund III
Riyadh, October 02, 2023, Saudi Venture Capital (SVC) has made a significant $30 million investment in Fund III, managed by the reputable asset management and advisory firm, IMPACT46. IMPACT46, having obtained early authorization from the Capital Market Authority (CMA), focuses its Fund III investments on Saudi growth-stage companies and businesses at the pre-IPO stage, including seed-stage startups and promising ventures from the broader Middle East region.
The subscription agreement for this substantial investment was formally signed by SVC's CEO and Board Member, Dr. Nabeel Koshak, and IMPACT46's Founder and CEO, Abdulaziz Alomran. The signing ceremony also witnessed the presence of SVC's Chief Investment Officer, Nora Alsarhan, and Chief Legal Officer, Haifa Bahaian, along with IMPACT46's Managing Partner and Head of Asset Management, Basmah Alsinaidi.
Dr. Koshak expressed his thoughts on the investment, stating that it aligns with SVC's Investment in Funds Program, designed to bolster the venture capital (VC) ecosystem across various sectors and stages in Saudi Arabia. He further highlighted the remarkable growth of the VC sector in Saudi Arabia, which has recently positioned itself as a frontrunner in the MENA region in terms of VC funding during the first half of 2023.
In July, reports revealed that Saudi Arabia secured the highest amount of Venture Capital funding in the MENA region in H1 2023, with a total VC deployment of $446 million (SAR 1.67 billion). This achievement underscores the Kingdom's emergence as a thriving hub for the VC sector.
Abdulaziz Alomran, Founder and CEO of IMPACT46, expressed his delight at the continued collaboration between SVC and IMPACT46, emphasizing their shared vision of nurturing the tech startup ecosystem in Saudi Arabia. He remarked that this investment signifies the growing maturity of the VC landscape in the Kingdom and underscores its potential to lead in this sector.
Established in 2018, SVC is a government investment company and a subsidiary of the SME Bank, affiliated with the National Development Fund. SVC is dedicated to facilitating financing for startups and SMEs, ranging from pre-Seed to pre-IPO stages, with a commitment to invest $2 billion through fund investments and co-investments in startups. To date, SVC has invested in 43 funds, contributing to the growth of over 700 companies in Saudi Arabia's thriving entrepreneurial ecosystem.