TVM Capital Healthcare’s Afiyah Fund raises $10M from Saudi Venture Fund

In a report published by Saudi Press Agency, Saudi Venture Fund (SVC) has invested $10 million in TVM Capital Healthcare's Afiyah Fund. The funding was raised primarily to invest in innovative companies in the healthcare sector across Saudi Arabia.

In the report Mazin Alghunaim, CEO of SME Bank, stated that the mandate of SVC is to further develop the PE and VC ecosystem in Saudi. The idea is to increase investment opportunities across SMEs and startups. This is in line with contributing towards achieving Saudi Vision 2030.

Dr Nabeel Koshak, CEO and board member at SVC, said: “The investment in TVM Capital Healthcare’s Afiyah Fund is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors such as healthcare.”

SVC aims to grow the venture capital ecosystem in KSA by investing in funds and co-investing in angel groups, with the goal of minimising financing gaps for high-growth startups and SMEs.

A specialised healthcare expansion and growth capital PE firm, TVM Capital Healthcare is based out of Riyadh and Dubai, and is also present in Southeast Asia.

Dr Helmut Schuehsler Chairman and CEO at TVM Capital Healthcare , said: “We are raising this fund to finance innovative healthcare companies in the country and selectively bring highly innovative foreign companies into the kingdom.”