The Saudi Venture Capital (SVC) and the Capital Market Authority announced the launch of ‘Investment in Fintech VC Funds’ to secure financing for startups.
The initiative is to support startups and SMEs from pre-Seed to pre-IPO by pumping US$1.6 billion through investment in funds and co-investment in startups.
The Financial Sector Development Program will be also a main partner for launching the new product.
The main goal of the new product is to secure financial tools for both startups and (small and Medium Enterprises (SMEs) in Saudi Arabia.
Around US$80 million has been earmarked from the investment portfolio for the product ‘Investment in Fintech VC Funds’.
The FinTech sector witnessed steady growth during recent years in the Gulf country.
SVC invested in 525 companies through 904 deals.
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