During the Kingdom’s most popular startup and technology event, LEAP 2024, investment activity saw a revolutionary upsurge in the Saudi Arabian entrepreneurship sector.
It was stated during the Riyadh-based conference that a number of new venture capital funds are scheduled to emerge with the goal of igniting several sectors within Saudi Arabia and the larger Middle East and North Africa area.
Leading this effort is Investcorp, which has a $500 million fund specifically allocated to growth-stage Saudi Arabian enterprises, reinforced by a $35 million contribution from Saudi Venture Capital.
At the same time, Oasis Capital is getting ready to launch a $100 million fund that will concentrate on early-stage foreign businesses.
Under its Gaming and Esports Sector Financing Program, the Saudi Esports Federation will introduce two funds in the gaming and esports industry in partnership with the Social Development Bank and the National Technology Development Program.
Additionally, Saudi venture capital firms Impact46 and Merak Capital announced funds of $40 million and $80 million, respectively.
With a groundbreaking $50 million fund intended to support software and innovation enterprises in Saudi Arabia and the MENA region, Plug and Play innovation Center is also making an entrance.
In the meantime, Takamol Ventures revealed plans to launch a $53 million venture capital fund at LEAP with the goal of fostering creativity in early-stage Internet companies.
During a panel discussion, US-based Seedford Partners partner Fahad Al-Hussain revealed that the company intends to establish a $100 million to $150 million space fund that will focus on both domestic and foreign ventures in the industry.
In addition, Arcapita Capital, an investment management company with offices in Bahrain, concluded its $500 million Saudi Logistics Fund III.
Finally, Unifonic is about to open a $15 million fund that will concentrate on business-to-business and software as a service startups in Turkiye, Pakistan, and MENA, indicating a widening of investment horizons throughout the area.
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