LEAP 2023 sees launch of 8 investment funds at SAR 2.4 bln on second day

LEAP 2023 Tech Conference witnessed on its second day today, Feb. 7, the launch of eight investment funds worth $646 million (nearly SAR 2.42 billion), according to the Saudi Press Agency (SPA).

Together, the projects aim to make the Kingdom a destination for innovation and digital entrepreneurship. This is via supporting the growth of startups and medium-sized enterprises, accelerating the gaming industry, fueling competition in research, development and innovation, and stimulating the ecosystem.

The Ministry of Communications and Information Technology explained that the launch of the funds came in return for its efforts.

The funds included the rollout of STV's first Shariah-compliant alternative finance fund to enable growth of tech companies, at a value of $150 million.

In addition, IMPACT46 launched a $133 million fund, targeting tech startups in the Kingdom and the MENA region.

The conference also saw the kick-off of Merak Capital's $53 million Direct Lending Fund to support Saudi tech companies.

Meanwhile, Saudi Investment Bank (SAIB) announced the allocation of $40 million to launch an innovation incubator in the financial technology field and other fields to contribute to the growth of the financial sector.

Rakeezah holding launched a $25 million venture capital fund backed by a global accelerator in Riyadh.

LEAP23 also included launching BIM VENTURES as a $100 million business development company, to create innovative and financially sustainable technology startups, in partnership with Alsulaiman Group.

Shorooq Co. set up its second fund to invest in emerging companies in the Kingdom, in addition to launching another fund to accelerate electronic games worth $115 million.

Furthermore, Planetary Capital inaugurated the first Saudi-Canadian fund to invest in both local and global emerging space technology companies, at a value of $ 30 million.