The Saudi Venture Capital Company (CVC) has announced investing in the Propellers Ventures Fund that focuses on investments in startups that own an expandable initial prototype with high possibility of growth, in their first stages in the software field, such as SaaS service and company software and cloud infrastructure.
The investment agreement was signed by CVC CEO and Board Member Dr. Nabeel Koshak and Propellers Venture Managing Partner Tambi Jalouqa.
Dr. Koshak said the investing in Propellers Ventures is part of the company’s program to invest in funds and is an extension of a series of the company’s investments and is in implementation of its strategy concerned with stimulating and sustaining funds for startups, mainly those in their first stages.
He added that the Kingdom of Saudi Arabia is witnessing an unprecedented growth in the volume and quality of startups deals as a result of having several innovative business entrepreneurs, capital venture funds, angel investor groups, and the availability of a developed organizational and legislative environment, where this speedy development is attributed to the capital venture in the Kingdom of Saudi Arabia and launching several government initiatives to realize the Saudi vision 2030.
Last Modified Date: 06/09/2022 - 1:14 PM Saudi Arabia Time