Wa’ed Center Increases Volume of its Financing Portfolio to SR75mln

Wa’ed Center, the entrepreneurship arm volume of its financing portfolio to SR75 million ($20 million), thus setting an intense strategic path that leads its increased support for Saudi startups, as the center will focus on 5 main sectors: sustainability, manufacturing, Social, industrial and digital domains.

With the introduction of many pioneering initiatives, the center, which is located in Dhahran, plans to benefit from the increase in its financing portfolio to target advanced funding rounds, stimulating the expansion of its investment in venture capital and to continue raising support rates for local start-ups.

Objectives of the emphasizing decision is to the significance of the pioneering role played by the center during the past year, Eng. Fahad Al-Eidi, Managing Director of Wa’ed Center explained, saying: “The Year 2021 represented a crucial turning point for Wa’ed Center, as we were able, through our continuous support to aspiring entrepreneurs and founders of innovative companies. We are building sustainable foundations for our new chapter.”

Last year, the center announced 8 new deals and 4 subsequent investments in its previous companies, bringing the total financial support in 2021 to SR34 million (about $9 million), and increasing the number of start-ups supported by the Wa’ed Investment Center arm,” Wa’ed Ventures” for more than 37 local companies.

Among the most prominent companies supported by the center are the Red Sea Farms Company, which uses farming systems based on saline water to irrigate, in order to provide agricultural products with more sustainable environmental solutions, and Cura, the leading company in the field of health services and telemedicine, and Lamma Financial Technology Company, which provides financing solutions for small and medium sized enterprises.

The business incubator program at Wa’ed also was included during the Year 2021 17 startup companies from various sectors, such as the e-commerce startup Naseej Market, and Wasan Company, the 1st local manufacturer for enclosed sleeping capsules, whose registration was announced during Wa’ed’s entrepreneurship tour.

The center aims to discover and support local promising companies, in 6 major cities around the Kingdom.

The 4-month tour, from September to December last year, provided the appropriate platform for Wa’ed Center to intensify its support for entrepreneurs, as it provided financial support opportunities to 28 Saudi entrepreneurs in the form of venture capital investments, loans and initial grants, announcing more than SR43 million (more than $11 million) in total.

The exceptional general center concluded by concluding partnerships and signing broader agreements with various leading local organizations and companies, most notably the Royal Commission for Jubail and Yanbu, Wadi Taiba, Falak Business and Investment Unit, and other local entities contributing to supporting the local entrepreneurship system.