PRESSR: “Saudi Venture Capital” invests 112.5 million riyals in the third IMPACT46 fund

Riyadh, Saudi Arabia: The Saudi Venture Capital Company (SVC) announced an investment of 112.5 million riyals in the third IMPACT46 fund.

IMPACT46 is one of the pioneers of venture investment in the Kingdom, as it was among the first companies licensed by the Capital Market Authority, and its investments focus on emerging technology companies of various stages in the Kingdom and the Middle East region.

The agreement was signed by Dr. Nabil bin Abdul Qadir Koshak, CEO and member of the Board of Directors of “SVC,” and Mr. Abdulaziz Al-Omran, founder and CEO of IMPACT46, in the presence of the Chief Investment Officer of “SVC” Ms. Noura Al-Sarhan, the CEO of Legal Affairs Ms. Haifa Bahyan, and the Managing Partner and President of Asset Management at IMPACT46 Company, Ms. Basma Al-Sunaidi.

Dr. Koshak said, “Investment in the third IMPACT46 fund comes within the fund investment program implemented by the company to enhance the growth of the venture investment system in emerging companies in the Kingdom for all stages and sectors, and to enhance the growth witnessed by the venture investment sector in the Kingdom during previous years, which made it at the forefront of the venture investment scene in the Kingdom.” The Middle East and North Africa region during the first half of 2023 in terms of the volume of amounts invested.”

Reports revealed last July that Saudi Arabia topped its counterparts in the Middle East and North Africa region as having the highest value in terms of venture investment during the first half of 2023, which witnessed investments exceeding $446 million (1.67 billion riyals).

For his part, Mr. Abdulaziz Al-Omran said: “We are very pleased with SVC’s investment in our third fund, which will support our efforts to support the prosperity of the emerging technology companies ecosystem, as well as enhance our shared vision to create a sustainable economic impact.” He added, “This investment comes as confirmation of The promising future for venture investment activity in Saudi Arabia, as the Kingdom possesses sufficient capabilities to place it among the leading countries in this field.”

It is noteworthy that “SVC” is a government investment company established in 2018 and affiliated with the Small and Medium Enterprises Bank, one of the development banks affiliated with the National Development Fund.

The company aims to stimulate and sustain financing for emerging companies and small and medium enterprises from the pre-establishment stage to the initial public offering by investing in funds and participating in emerging companies by investing 2 billion US dollars (7.5 billion riyals). The number of funds in which the company invested reached 43 investment funds, and the number of emerging companies and small and medium enterprises in which it invested reached more than 700 companies.

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About IMPACT46 :

IMPACT46 is a company licensed by the Capital Market Authority to manage investments and arrange securities. IMPACT46's investments focus on emerging technology companies in Saudi Arabia and the Middle East region. IMPACT46 seeks to empower entrepreneurs to build companies that have a positive impact on the national economy, and we also work to advance the goals of the venture investment sector in the Kingdom.

The name IMPACT46 comes from the meridian on which the city of Riyadh (46 East), the company's headquarters, is located.

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