SVC Invests $150M in MEVP’s Fund IV to Boost Saudi Tech Startups
17 December 2024•
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Saudi Venture Capital (SVC) announced today its investment of $150 million in Middle East Venture Fund IV, a venture capital fund managed by Middle East Venture Partners (MEVP), to support technology startups with high growth potential that will have a positive long-term impact on multiple sectors of Saudi Arabia's rapidly modernizing economy.
The SVC said in a press release that the fund will support their growth and steward their maturity from the seed stage to Series A, Series B, and IPO/Exit to create Saudi and regional technology champions.
SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund. It aims to stimulate and sustain financing for startups and small and medium enterprises (SMEs) from pre-seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
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