Banks, global organisations in Saudi announce $2.43B funding for tech startups
The announcements were made on the second and third days of the LEAP23 conference to empower tech startups in their journey to becoming unicorns.
Major banks and international organisations in Saudi Arabia have announced financial support worth $2.43 billion for tech startups at the LEAP23 conference in Riyadh.
The announcements were made on the second and third days of the LEAP23 conference to empower tech startups in their journey to becoming unicorns.
As reported by Saudi Press Agency, Saudi bank Riyad announced $1 billion in financing for telecommunications and information technology enterprises. National Technology Development Program launched six products for the Kingdom of Saudi Arabia's digital entrepreneurship and technology companies, apart from attracting global technology companies with $430 million.
Another bank, Banque Saudi Fransi, launched a finance portfolio worth $1 billion for companies in the ICT sector. STV, a venture capital fund, also announced its first fund for alternative financing worth $150 million.
Merak Capital launched Merak Fund for direct financing, valued at $53 million, while Saudi Investment Bank announced $40 million for an innovation incubator to support the growth of fintech startups.
Rakeza’s venture capital fund contributed $25 million in funding, backed by a global business accelerator in Riyadh. A new business development company, called BIM Ventures, was also announced in partnership with Al-Sulaiman Group, worth $100 million. It would spot innovative and financially sustainable tech companies in the region.
The fourth day saw the addition of $580 million.
The LEAP23 conference, organised by the Ministry of Communications and Information Technology, in cooperation with the Saudi Federation for Cyber Security and Programming and the joint venture Tahaluf, concluded on February 9 (Thursday). This was the second edition of the conference, which attracted more than 2.5 lakh registrations.
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Edited by Swetha Kannan
