RIYADH: The Saudi Venture Capital Co. has supported 100 startups through 29 investment funds to develop the local venture investment sector, CEO Nabeel Koshak said.
As many as 24 funds and five groups of people have benefited from the company’s support, Koshak said on Tuesday during a virtual talk organised by the Financial Academy, according to SPA.
The amount of venture investment in the Kingdom has increased from SR112.5 million ($30 million) in 2016, to SR600.2 million this year, reflecting an 11 percent jump, supported by the Financial Sector Development Program of Vision 2030, he said, citing a study.
Koshak pointed out that the establishment of the Small and Medium Enterprises General Authority, Monshaat, has helped the venture investment to grow, specifically during the past three years.
The Financial Sector Development Program aims to develop a diversified and effective financial sector to support the development of the national economy, as sub-sectors are listed under its umbrella including banking, insurance, investment, and stock and debt markets.