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  • 12-02-23

    Saudi startup ecosystem experiences massive jump after raising USD636 million

    (MENAFN) Saudi Arabia’s startup ecosystem experienced a massive jump in the world of investing and venture capital with seven investment companies signed deals valued at USD636 million to encourage innovation as well as entrepreneurship in the nation.

    The declarations were established throughout the LEAP2023 hosted in Riyadh last week. Saudi and other venture capital companies in the region started a huge investing plan to back startups in the area.

    Saudi-located venture capital company STV started its initial investment valued at USD150 million for alternative investing compatible with the Shariah law whereas Riyadh-located IMPACT46 also declared a USD133 million investment, which aims at emerging technology firms in the nation and the Middle East.

    Additional Saudi venture capital company, Merak Capital, started an investment with a worth of USD53 million.

    Declarations at the event also involved Rakeza’s venture capital fund supported by a worldwide business accelerator in the Saudi Arabia with a worth of USD25 million in addition to Saudi venture builder BIM Ventures’ USD100 million investment in cooperation with Al-Sulaiman Group.

    MENAFN12022023000045014228ID1105560782

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