Saudi Venture Capital allocates SAR 2.8 bln for investment in funds, startups: CEO

Nabeel Koshak CEO of Saudi Venture Capital (SVC)

Saudi Venture Capital (SVC) allocated SAR 2.8 billion for investment in funds and startups, CEO Nabeel Koshak told Argaam on the sidelines of the Euromoney Saudi Arabia 2022 conference held in Riyadh.

He added that the company seeks to expand by increasing capital to cover new products, programs and other financing gaps in the market.

SVC invests in more than 30 funds and supports over five groups of angel and individual investors, which led to investing in 570 startups indirectly through funds and directly through the program of direct investment through partnership with investors.

Venture capital is a long-term investment, and it is too early to judge the investment performance, but the funds can be judged by their operational performance in the initial stages, the top executive said.

He indicated that the firm exited 17 startups, in which it invested directly and indirectly.

As for his outlook for the future sectors, Koshak highlighted the increasing interest in electronic games, noting that SVC is looking for more opportunities in this sector.