TAQNIA subsidiary, VentureSouq to launch startup funding initiative in Saudi Arabia

The Business Incubators and Accelerators Company (BIAC), a subsidiary of Saudi Technology Development and Investment Company (TAQNIA), wholly-owned by the Public Investment Fund (PIF), signed an agreement with VentureSouq (VSQ) to launch a new investment services vertical to bridge the funding gaps of promising startups in Saudi Arabia.

Under the agreement, BIAC’s investment team will play a leading role in funding rounds being undertaken by high-growth Saudi companies with the aim to be an enabler, allowing multiple investors to come together as stakeholders in these companies.

BIAC has already made five investments with four more to be announced in the coming weeks, the statement noted.

BIAC will also be investing in other joint ventures with more mature technology companies that are bringing a significant proportion of their supply chain to Saudi Arabia, it further added.

“Our new solutions take us a step closer in bridging the funding gaps for promising startups in tune with Saudi Arabia’s effort to support the growth of its small and medium-sized enterprise (SME) sector and the country’s research and development (R&D) ecosystem, in alignment with the Vision 2030 economic transformation program,” Nawaf Al-Sahhaf, chief executive officer of BIAC, commented.