Saudi-based Khwarizmi Ventures has completed the second closing of its current fund with a value of 262 million Saudi Riyals which amounts to almost $70 million, to fuel early-stage startups across the Middle East, North Africa and Pakistan region. The announcement was made as part of the LEAP 2022 tech conference held in Riyadh.
“With the second closing of our fund, we aim to exploit and further empower the growth wave in the Middle East, North Africa and Pakistan region in the field of venture investment,” Yasser Al-Qadi, Co-founder, said.
Aiming to expand further, Khawarizmi has invested in 17 deals so far, bringing the total number of its companies to 25, with investments covering eight areas in eight different countries.
The first closing of the Khawarizmi Ventures Fund came in mid-October last year, with a value of 237 million Saudi riyals which accounts to about 63 million dollars, supported by large investors from the private sector and family businesses.
“Through the additional funding, we aspire to enable the region’s leading startups to reach their highest potential, while continuing to support our existing businesses with affiliate investments to support their growth journey,” Abdulaziz Al-Turki, Managing Partner, said.
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