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Saudi Arabia 100 riyals banknotes, The Saudi riyal is the currency of Saudi Arabia, Saudi kingdom one hundred riyals with the photo of king Salman Bin Abdulaziz and Madinah Prophet mosque, selective focus. Image used for illustrative purpose. Getty Images
Saudi Venture Capital (SVC), a state-backed fund of funds, is investing $20 million to back early-stage businesses.
The investment in Booster Fund IV, which is managed by Dubai-based venture firm BECO Capital with $495 million in assets under management (AUM), is in line with the strategy to support start-ups in Saudi that show a high potential for growth, according to Nabeel Koshak, CEO and Board Member at SVC.
BECO’s fund seeks to support early-stage entrepreneurs in Saudi Arabia and the rest of the Gulf region.
SVC is a subsidiary of the National Development Fund’s SME Bank. It seeks to stimulate and sustain financing for start-ups and SMEs from pre-Seed to pre-IPO.
It has backed 50 private capital funds that subsequently supported hundreds of entrepreneurial ventures.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com