South Korea and Saudi Arabia Launch $160M Startup Fund with Participation from SVC and Jada Fund of Funds
15 June 2023•
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Photo Source: South Korea's Ministry of SMEs and Startups
In a move to bolster startup support and foster investment collaboration, South Korea and Saudi Arabia have launched a joint fund worth $160 million. This strategic initiative follows the "MOU for Investment Cooperation and Startup Support between South Korea and Saudi Arabia" signed during Crown Prince Bin Salman's visit to Korea in November of the previous year, as reported by Koreatechdesk and Aju Business Daily.
The joint fund was established by injecting $10 million into an existing $150 million fund with Saudi Arabia as a major investor and contributions from Saudi Venture Capital Company (SVC) and the PIF-owned Jada Fund of Funds.
The two countries agreed to make mandatory investments of at least $10 million in Korean startups, enabling them to enter the Saudi Arabian market. South Korean Minister of SMEs and Startups, Lee Young, said in a statement on Jun 11.
Related:
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- What Are the Latest Trends in Saudi’s Startup Ecosystem?
- Who Are the Key Stakeholders and Supporters of Entrepreneurship in Saudi Arabia?
- Vision 2030 and Entrepreneurship in Saudi
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