Plug and Play Aims to Boost Saudi Tech Startups with $100M Fund
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Plug and Play Tech Center, a Silicon Valley investor, seeks to raise $100M for Saudi tech startups with support from Jada, a $1B fund backed by the Saudi sovereign wealth fund PIF.
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The fund is set to launch in January, with Plug and Play contributing up to 10% of the total amount
Plug and Play Tech Center, a prominent Silicon Valley tech investor, is aiming to raise $100 million to invest in Saudi Arabian tech startups. In an interview with Bloomberg, the firm's founder and CEO, Saeed Amidi, disclosed that Plug and Play is currently in discussions with Jada, a $1 billion fund of funds backed by the Saudi sovereign wealth fund, to stimulate the domestic venture capital industry. Jada had previously supported a $50 million Middle East fund managed by Hambro Perks Ltd. in 2021.
The fund is expected to launch in January, with Plug and Play contributing up to 10% of the total amount. This strategic move reflects the enhanced quality of Saudi startups in recent years. Amidi emphasized that Plug and Play maintains its stringent standards and will only invest if the startups meet their criteria.
With a $500 million portfolio under its management, Plug and Play also has plans to establish five additional funds in the future.
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- Who Are the Top Angel Investor Groups in Saudi Arabia?
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