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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