Monday, 25 September 2023 05:57 GMT

Saudi Venture Capital Injects USD7.5m into Endeavor Catalyst Fund to Support Startups

(MENAFN) Saudi Venture Capital (SVC) has announced a significant investment of USD7.5 million into a fund managed by Endeavor Catalyst, the investment arm of Endeavor Global. This investment aims to provide support to early and late-stage startups in Saudi Arabia, as part of SVC's broader commitment to injecting USD1.6 billion into the startup ecosystem and small and medium enterprises. SVC, a subsidiary of SME Bank affiliated with the National Development Fund, is actively working to stimulate entrepreneurship and drive economic growth in the Kingdom.

The subscription agreement for the investment was signed by Nabeel Koshak, CEO of SVC, and Allen Taylor, managing partner at Endeavor Catalyst. The ceremony was attended by Abdulrahman Mansour, the acting CEO of the bank, who further emphasized the significance of this investment in fostering the development of Saudi entrepreneurs.

Koshak highlighted that the investment in the Endeavor Catalyst IV Fund is a direct outcome of the recent support received from SME Bank, which has increased SVC's investment capital. This boost has brought SVC's total investment capital to $1.6 billion, enabling the organization to have a more substantial impact on the startup ecosystem. The investment in Endeavor Catalyst IV Fund is a part of SVC's Investment in Funds Program, which aims to provide vital financial resources to support the growth and success of promising startups.

Allen Taylor expressed his delight in extending the collaboration between Endeavor Catalyst and SVC, building upon the achievements and positive outcomes realized through their previous collaboration in Endeavor Catalyst III. This renewed partnership signifies the shared commitment to nurturing entrepreneurial talent and fostering innovation in Saudi Arabia.

The investment from SVC into the Endeavor Catalyst fund will play a crucial role in providing much-needed capital and resources to support the growth of Saudi Arabian startups. By channeling funds into early and late-stage ventures, the aim is to fuel innovation, job creation, and economic diversification. Through this strategic investment, SVC and Endeavor Catalyst are poised to contribute significantly to the development of the Saudi startup ecosystem and the overall advancement of the Kingdom's economy.


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