SME Bank subsidiary invests $560M in 35 funds in Saudi since 2018
The 35 funds have invested in 525 startups across 904 deals till date. The startups are from sectors such as fintech, education, ecommerce, transportation, delivery, and information and communication technology.
Private equity firm SVC, a subsidiary of the SME Bank, a development bank affiliated with the National Development Fund, has made committed investments of $560 million in 35 funds in Saudi Arabia since 2018.
The total committed investments, including that of partners, is an estimated $3.9 billion, said SVC, in a report released by the company on its impact on Saudi Arabia's venture capital and private equity ecosystem, since its inception in 2018.
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SVC has invested in 35 funds which have invested in 525 startups across 904 deals till date. The startups are from sectors such as fintech, education, ecommerce, transportation, delivery, and information and communication technology.
Over the past four years, SVC has contributed to increasing the overall number of investors in Saudi Arabia's startups and small- and medium-sized enterprises. It has also encouraged existing and emerging financial companies to set up VC and PE funds, the company said in the SVC Impact Report.
Funds deployed in Saudi startups augmented 17 times to a record-high last year, to close to $1 billion, compared to $59 million in 2018, as per data shared by the firm on Zawya.
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Edited by Akanksha Sarma and Swetha Kannan