Saudi Venture Capital Invests In MEVP’s US$150 Million Fund

Saudi Venture Capital (SVC) has injected an undisclosed amount of investment into the US$150 million Middle East Venture Fund IV, a venture capital fund managed by Middle East Venture Partners (MEVP). 

The fund aims to support technology startups with growth potential, contributing to the development of various sectors in Saudi Arabia’s economy. It will assist companies from the seed stage through Series A and B funding rounds and guide them toward initial public offerings (IPOs) or other exit strategies. 

Launched in 2023, MEVF IV is MEVP's fourth regional fund, with a target size of $150 million and backing from the European Investment Bank (EIB). It focuses on early- to growth-stage technology companies across the Gulf Cooperation Council (GCC), Levant, and North Africa. 

SVC, established in 2018, is a subsidiary of the SME Bank under the National Development Fund. It works to promote financing for startups and small to medium enterprises (SMEs) in Saudi Arabia by investing in venture capital and private equity funds and directly supporting businesses at various stages, from pre-seed to pre-IPO. 

In a statement, Nabeel Koshak, CEO and Board Member at SVC, said, "Our investment in the Middle East Venture Fund IV by MEVP supports SVC's strategy of backing funds that invest in early-stage startups based in Saudi Arabia, aiming to foster their growth into later stages." 

Walid Mansour, co-founder and co-CEO at MEVP, added, "MEVP has been a pioneering venture capital institutional investor in Saudi Arabia since 2012. Over the past decade, we have deployed more than $50 million in some of Saudi's leading technology startups, helping to create over 12,000 high-quality jobs and also attracting $1.1 billion in co-investments that have added to Saudi Arabia's FDI. With SVC's support, we will expand our investment footprint further in Saudi Arabia and amplify our positive economic and social impact in the Kingdom."