Saudi Arabia's CoreVision acquires VeFund to strengthen startup ecosystem
Through this partnership, CoreVision plans to expand into the startup community and add AI-powered technology to its portfolio.
Saudi Arabia-based investment firm has acquired a strategic stake in MENA-focused investment management platform VeFund.
Through this partnership, CoreVision plans to expand into the startup community and add artificial intelligence (AI)-powered technology to its portfolio, according to Wamda.
CoreVision also aims to utilise VeFund's advanced AI technology to equip startups with the necessary tools to succeed in the competitive market.
“We at CoreVision are not just investors; we see ourselves as ecosystem builders. As such, our vision is to transform VeFund into a secondary market for startups, offering a platform for investors to trade safe notes, which is essential to contributing to the vibrancy of the startup community here in Saudi Arabia,” said Faisal Al-Abdulsalam, Founder and CEO of CoreVision, and an angel investor and serial entrepreneur.
Al-Abdulsalam will become the CEO of VeFund as part of the acquisition, having made more than 80 investments in various sectors.
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“I am excited about the future of VeFund and believe strongly that this transition will drive VeFund's mission forward, fostering an environment of innovation and success for startups across the Middle East,” said Mohamed Gaber, Co-founder of VeFund, who currently serves as the Founder and CEO of Velents.
VeFund, founded in 2023 by Mohamed Gaber and Ahmed Magdy, is a startup investment firm known for its AI evaluator. It connects startups with investors through tools like an AI Survivability Index, valuation calculators, and portfolio management solutions.
It has assisted organisations like CODE, Monshaat, and the Development Bank of Saudi Arabia in organising demo days, sourcing and evaluating startups, and facilitating the discovery and valuation of promising ventures, significantly enhancing the investment and development landscape for new ventures.
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Edited by Suman Singh