KAUST Join Saudi Venture Capital Association

King Abdullah University for Science and Technology (KAUST) joined the Saudi Venture Capital Association and Private Equity Association (SAVCEPA), an economic entity representing the venture investment capital, in the Kingdom.

Such a partnership would allow CAUST’s Innovation Ventures, the only university-level fund to invest in the domain of in-depth technology via continuation of backing up the system of the startup companies, in the wider industry.

Entrepreneurship  is a main prerequisite among the basic initiatives, included in the Kingdom Vision 2030, aiming to diversify the resources of the Kingdom  national economy.

According to Magnitt, the Year 2020 was a record in terms of the start-up companies, in the Kingdom, as the funding of the venture capital has experienced a rise of 55% to SR152, despite the Coronavirus’ pandemic.

In the context, the volume of the e-commerce, in the Kingdom, has also witnessed greater investment, constituting as much as 45 per cent of the total investment deals.

In addition, such a membership would enable KAUST to step up the pace of developing the in-depth technology and boldly back up nascent start-ups, in such steadily and rapidly growing industry.