To Invest in 9 Advanced Technological Areas, stc Launches Venture Capital Fund

Economics News
Published 8 Feb 2023
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To Invest in 9 Advanced Technological Areas, stc Launches Venture Capital Fund
Riyadh, SPA:  STC announced today the launch of its corporate investment fund (CIF). The fund aims to invest in early stages startups in various domains, including fintech, cybersecurity, artificial intelligence, digital games, Internet of Things, blockchain, and other promising areas.
The CIF will make strategic investments to accelerate growth, enhance innovation and support the KSA Vision 2030 in terms of economic diversification through tapping into new sectors and supporting the STC’s strategy-related entrepreneurs and startups at the local, regional and international levels. The fund will also explore new technologies and business models in digital sectors. It will also predict new areas in the communication industry which have a positive impact on the STC business.
“The launch of this fund is in line with STC Group's strategy and our aspirations to work at an accelerated pace to contribute to the diversification and growth of the digital economy. Through CIF, we seek to enable distinguished entrepreneurs and startups to grow and expand at the local and regional levels and benefit from global investment opportunities,” Eng. Olayan Alwetaid, the STC Group CEO, commented.
“STC will provide the targeted startups with financial support and investment and also link the startups with Groups services. This is to help those startups grow and benefit from the STC Group digital ecosystem in several areas, such as cloud services, cybersecurity, and many other services, focusing on the strategic dimension and the return on investment”, he added.
Motaz Alangari, Group Chief Investment Officer, also pointed out that the CIF reflects the STC directions for investing in startups that adopt new technologies and digital business models that cover nine different industries. “The launch of this fund is a continuation of the STC’s distinguished journey in supporting startups that play an important role in developing Kingodm’s digital economy. This fund will allow STC to tap into increasingly emergent and cutting-edge areas at the local and international levels and invest in transformative products that align with our group’s strategy”, he added.
The current entrepreneurship ecosystem is witnessing many entrepreneurial ventures, innovations and business models with favourable investment opportunities emerging at the local and regional levels. The launch of the CIF is a continuation of the company’s role and efforts in supporting entrepreneurs and digital startups through several initiatives and investments, such as launching the inspireU program, which incubated and supported 92 startups through 9 intakes with a market value exceeding $2.6B. Also, launching the STV fund and STC venture fund, which have made investments in several successful businesses across the region, has contributed to economic diversification and growth during the last years and supports the KSA Vision 2030.

Last Modified Date: 13/02/2023 - 7:38 AM Saudi Arabia Time


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