SVC Invests in Global Ventures III to Boost Saudi, MENA, and African Tech Ecosystems
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Nabeel Koshak of SVC and Noor Sweid of Global Ventures
Saudi Venture Capital (SVC) has announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures. The fund size is in excess of $150 million.
The fund will target investing in tech and tech-enabled sectors across Saudi Arabia, MENA, and Sub-Sahara Africa, focusing primarily on Supply Chain Tech, Agritech, Enterprise SaaS, and emerging technologies, including AI and Deep-tech.
Read Also: Global Ventures’ Fund III Receives $5M Boost from ISSF
Dr. Nabeel Koshak, CEO and Board Member at SVC said: "Our investment in the venture capital fund by Global Ventures is part of SVC's Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stages."
Noor Sweid, Founder and Managing Partner at Global Ventures, added: “We are proud of our deep and continued partnership with SVC, and the investment underscores our continued deep commitment to enabling and building the Saudi Arabian VC and startup ecosystem. The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through.”
SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
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Saudi Venture Capital Company
Saudi Venture Capital (SVC) is a Government Venture Capital firm, established in 2018, to stimulate financing startups and SMEs by investing $1.5 billion through investment in funds and co-investment in startups.
Global Ventures
Global Ventures is a UAE-based international venture capital firm investing in founders and ideas across emerging markets.
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