• Saudi-based VC, Khwarizmi Ventures Ventures, plans up to USD 120M fund to back early-stage startups across MENA.
• Khwarizmi sees the current market as a golden opportunity for early bets on the region’s next unicorns.
• Focus will remain on Seed to Series A, with eyes on KSA-based and KSA-bound companies.

Khwarizmi Ventures

What happened? Saudi-based VC, Khwarizmi Ventures, plans up to USD 120 million fund to back early-stage startups across MENA. Moreover, this is the VCs second fund targeting between USD 100 million and USD 120 million by year-end.

Abdulaziz Al-Turki, Managing Partner at Khwarizmi Ventures, disclosed in an interview with Alarabiya Business that this is a “golden opportunity” for early-stage investing in the region.

According to Al-Turki, the number of unicorns in MENA has grown from zero a decade ago to eight today. By 2035, he believes that number could reach 60. This is the strategy driving Khwarizmi Ventures’ second fund, investing at the Seed to Series A stages ahead of major growth..

From Careem to 60 Unicorns?

Khwarizmi Ventures aims to position itself to back the region’s next unicorn aiming to reach around 60 by 2035, as Al-Turki suggests.

Its first fund totaled USD 70 million, with approximately 80% already deployed. The remaining 20% has been reserved for follow-on investments in existing portfolio companies.

Saudi First But Not Saudi Only

While Khwarizmi invests across the MENA region, Al-Turki emphasizes that Saudi Arabia remains a key priority. In particular, startups founded in the Kingdom or those with clear expansion plans into the Saudi market.

The second fund will target startups that have moved beyond the idea stage. Those with a developed product, early signs of revenue, and a clear path to scalability.Bottom line: With its second fund, Khwarizmi Ventures aims to secure early exposure to the region’s most promising startups. If projections about a surge in MENA unicorns hold true, the next decade could see significant growth in the region’s venture landscape.