Riyadh Valley Company invests in STV's Total Growth Platform
STV is one of the leading technology VC firm in the Middle East and North Africa (MENA) region. The funding amount remains undisclosed.
Riyadh Valley Company (RVC), the investment arm of King Saud University, has invested in STV's venture capital (VC) fund Total Growth Platform. The funding amount remains undisclosed.
STV is one of the leading technology VC firm in the Middle East and North Africa (MENA) region.
With the fresh capital, RVC aims to aid the development of local tech and innovation and enable the commercialisation of innovation in universities and tech hubs across the region.
It strategises to invest in a balanced and varied portfolio. This newly announced investment is reflective of the same, noted a press statement shared by Wamda. It is also in line with the objectives of Saudi Vision 2030.
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The $150 million Total Growth Platform was launched earlier this year at the LEAP 2023 tech conference.
Its objective is to accelerate the growth of regional technology ventures. The platform is expected to offer founders with access to a range of funding solutions, equity and debt.
The growth in MENA venture capital funding crossed $3 billion in 2022, added the release.
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Edited by Kanishk Singh