RIYADH: The Saudi Venture Capital Co. has invested in Jordan-based venture capital firm Propeller — which specializes in funding early stage software-as-a-service, enterprise software and cloud infrastructure startups.
The move comes within the company’s program to invest in funds and stimulating startups, especially in their early stages, Saudi Press Agency reported, citing CEO Nabeel Koshak.
He added that Saudi Arabia is witnessing an unprecedented growth in the volume and quality of start-up deals.
This happens as a result of the emergence of many innovative entrepreneurs, VCs, and angel investor groups, in addition to the availability of a sophisticated regulatory and legislative environment.
The value of investment was not specified.
Established in 2018, SVC is a government company that contributed to the development of the venture investment system by investing in 30 investment funds.