STV launches $150M Total Growth platform at LEAP 2023
With more than $150 million in initial commitments and growth, the objective is to further the MENA region's technology-powered companies through equity and debt funding.
Venture capital firm (Saudi Technology Ventures) has announced the launch of its Total Growth platform, which will be anchored by Saudi Arabia's National Technology Development Programme (NTDP).
With more than $150 million in initial commitments and growth, the objective of Total Growth is to further the region's technology-powered companies through equity and debt funding.
The platform will utilise an all-inclusive suite of 'funding instruments' to accelerate the development of MENA's growth-stage startups.
A novel product called Tanami is also set to act like a 'Sharia-compliant non-dilutive venture debt instrument', as per a press release shared by Wamda. It is expected to play a major role in the advancement of MENA's technology landscape and financially back companies over the next three years.
The platform was launched at the LEAP 2023 tech conference.
STV has an investment portfolio comprising 30 growing companies and is counted among the leading growth-stage investors in the MENA region. It was founded in 2018 by Abdulrahman Tarabzouni and comprises an estimated $1 billion in committed capital.
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Last year, in August, a report by STV suggested that the region is set to output 45 unicorns, valued at $100 billion, by 2030. The report also highlighted that the region is poised to witness the emergence of decacorns in the next seven years.
Technology event LEAP began on February 6, 2023, at Riyadh Front Expo Centre, Saudi Arabia, and concludes today, February 9, 2023.
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Edited by Kanishk Singh