The Saudi Venture Capital Company (SVC) announced its investment in the Sidra II Venture Capital Fund, managed by Sidra Investment (Sidra Ventures), which is licensed by the Saudi Capital Market Authority.

The fund focuses on investing in tech and tech-enabled startups. While not limited to a specific sector, it sees strong potential in artificial intelligence, financial technology, and property technology, primarily focusing on startups and high-growth companies in their early stages.

Nourah Al-Sarhan, CEO of SVC, said: "Early-stage venture capital is the first phase where Saudi startup founders meet their investor partners, and the depth of investment in these early stages shapes the subsequent phases. Our investment in the Sidra II Venture Capital Fund supports a fund manager that directly focuses on backing Saudi tech startup founders at that stage, thereby increasing the availability of specialized capital for them and enhancing the role of the private sector as a key driver for achieving the goals of Vision 2030."

Haitham Al-Fraih, Managing Partner at Sidra Ventures, stated: "The Kingdom of Saudi Arabia is witnessing the emergence of some of the most ambitious entrepreneurs and significant investment opportunities in the region. SVC's investment, coupled with high demand from institutional investors that led to oversubscription in the second fund, reinforces our strong conviction in the strength of the Saudi market and our ability to discover exceptional entrepreneurs at early stages. In the second fund, we aim to accompany entrepreneurs on their business growth journey by providing capital, expertise, and access to our network of investors, experts, and strategic partners, while committing to a disciplined approach to achieve attractive long-term returns for our investors."

SVC is an investment company established in 2018, a subsidiary of the Small and Medium Enterprises Bank, one of the development banks under the National Development Fund. The company aims to stimulate and sustain financing for startups and SMEs from pre-seed to pre-IPO stages through investments in funds and direct investments in startups and SMEs.