Riyadh, October 2024 – Saudi Venture Capital (SVC) has announced a $15 million investment in Saqr Fund II, a venture capital fund managed by Vision Ventures. The fund, which is targeting a total size of $90 million, is focused on investing in early-stage startups, from pre-seed to pre-series B, across Saudi Arabia and the broader MENA region. Saqr Fund II adopts a sector-agnostic approach, aiming to fuel innovation and entrepreneurship in a wide range of industries.
Dr. Nabeel Koshak, CEO and Board Member of SVC, emphasized the strategic importance of this investment, stating, “Our investment in the venture capital fund by Vision Ventures is part of SVC’s ‘Investment in Funds’ Program. This aligns with our broader strategy to catalyze venture investments and reduce fundraising barriers for fund managers. By doing so, we aim to support high-growth startups based in Saudi Arabia through various stages of their development.”
Vision Ventures’ Founding Partner and CEO, Kais Al-Essa, expressed his gratitude for SVC’s continued support, saying, “SVC’s ongoing commitment to our venture capital funds is a privilege. We are proud to have them as an anchor investor once again. Our track record of delivering exceptional performance and returns continues to attract investors. With our entrepreneurial roots, we are uniquely positioned to identify, partner with, and foster the growth of promising startups and their founders, driving remarkable results.”
SVC’s investment in Saqr Fund II reinforces its role in supporting the Kingdom’s growing startup ecosystem, contributing to Vision 2030’s goals of economic diversification and innovation.
