(MENAFN- Asdaf News) Saudi Venture Capital (SVC) announced its investment of $30 million in Bedaya Fund II, which is managed by Shorooq Partners. The fund will mainly back early-stage startups with a focus on several sectors.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mr. Mahmoud Adi, Founding Partner at Shorooq Partners. The signing ceremony was attended by His Excellency Mr. Yousef Al-Benyan, the Chairman of the SME Bank and Mr. Abdulrahman Mansour, acting CEO of the SME Bank.
The signing ceremony was also attended by Nora Alsarhan, Chief Investment Officer, and Haifa Bahaian, Chief Legal Officer at SVC; as well as Shane Shin, Founding Partner at Shorooq Partners.
SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals. Tags#innovation #investment #svc 8 hours ago 321 1 minute read
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