IMPACT46 launches $133M fund to support tech startups in MENA
The objective is to empower homegrown solutions. With the fund, IMPACT46 aims to give a special focus on fintech, ecommerce, and software-as-a-service (SaaS) startups.
Saudi Arabia-based venture capital firm has announced the launch of a novel SAR 500 million ($133 million) fund with the aim of investing in technology startups in Saudi Arabia and the larger MENA region.
The new fund is IMPACT 46's third and largest fund so far. With this, the objective is to localise proven tech and empower homegrown solutions.
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Of the tech startups that the fund aims to invest in, there is a special focus on fintech, ecommerce and software-as-a-service (SaaS), as per a statement shared by Wamda.
The company is authorised by Capital Markets Authority (CMA). Its initial fund—The Seed Fund—was launched in 2019 and has recorded a 3.6x return on its investments (ROI). Further, it set up the Growth Fund in 2021 which also garnered a 1.9x return on its ROI.
Founded in 2018 by Abdulaziz Alomran, IMPACT46 has invested in 33 early-stage and growth-stage startups since inception. A number of these investments are represented by Saudi-based startups, as per the statement.
The value of its assets under management reached SAR 4.9 billion ($1.3 billion) in 2021. The launch of the fund is in alignment with Saudi Vision 2030 agenda to further the nation's economy and diversify its sources of income.
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Edited by Akanksha Sarma