Saudi Venture Capital (SVC), a subsidiary of SME Bank, is pumping $15 million into a regional fund that backs entrepreneurs.

The new investment in Saqr Fund II, a venture capital fund managed by Vision Ventures with a target size of $90 million, will be used to support early-stage start-ups in the kingdom, according to a statement.

The goal is to minimise fundraising entry barriers for fund managers who are interested in investing in high-growth start-ups in Saudi Arabia, noted Nabeel Koshak, CEO and Board Member at SVC.

SVC is a subsidiary of SME Bank, part of Saudi Arabia’s National Development Fund. It looks to stimulate funding support for both start-ups and small and medium-sized enterprises (SMEs) from pre-Seed stage to pre-IPO by investing in funds and businesses.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)