Plus VC and Tawaref Spearhead Efforts to Simplify Saudi Arabian Market Entry for Tech Startups

Plus VC and Tawaref Spearhead Efforts to Simplify Saudi Arabian Market Entry for Tech Startups

By Staff Writer, 27 February 2024

Plus VC (+VC), a prominent venture capital firm that aims to bolster the expansion of early-stage tech startups in the MENA region, has inked a Memorandum of Understanding (MoU) with Tawaref, a distinguished tech investment community.

The partnership aims to expedite the process of incorporating portfolio companies within Saudi Arabia through +VC's Saudi Landing program.

Recognizing the growing necessity for streamlined market entry processes, particularly in Saudi Arabia, +VC acknowledges the significance of initiatives like Tawaref in navigating the complexities of governmental approvals and accelerating the establishment of startups in the region.

Tawaref's Saudi Landing initiative offers a comprehensive solution, liaising with over 10 entities within the Kingdom, providing insights on market entry strategies, regulatory compliance, and local business customs.

Hasan Haider, Managing Partner of +VC, expressed the firm's commitment to supporting founders in their expansion endeavors.

He emphasized the pivotal role of the MoU in reinforcing initiatives geared towards expediting commercial operations setup, facilitating fundraising endeavors, and broadening investor networks for portfolio companies seeking to venture into Saudi Arabia.

Haider lauded Tawaref's expertise, track record, and professional team, highlighting their potential in navigating the intricacies of market entry and positioning startups for sustainable growth.

The signing of the MoU signifies a significant milestone in the collaborative efforts between +VC and Tawaref. Under the agreement, Tawaref will collaborate closely with +VC portfolio companies to streamline the establishment of operations in Saudi Arabia through the Saudi Landing program.

Furthermore, both entities will engage in knowledge sharing, exchanging insights on investment opportunities, market analysis, and regional trends, thus fostering a dynamic environment conducive to startup growth and innovation.

Source: My Startup World

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