Saudi Venture Capital invests in software and cloud ‎infrastructure

The Saudi Venture Capital Company announced its investment in the Propeller Ventures Fund, which focuses on investing in startup companies that have a scalable and scalable prototype, in their initial stages in the areas of software as a service (SaaS), enterprise software and cloud infrastructure.

The investment agreement was signed by Dr. Nabil bin Abdul-Qader Koshak, CEO and Board Member of Saudi Venture Investments, and Tambi Jalluga, Managing Partner of the Propeller Ventures Fund.

Dr. Nabil Koshak explained that the investment in the Propeller Ventures Fund comes within the company’s program to invest in funds, and is an extension of the company’s series of investments and an implementation of its strategy related to stimulating and sustaining the financing of emerging companies, especially in their early stages.

He added that the Kingdom is witnessing an unprecedented growth in the volume and quality of start-up deals, as a result of the emergence of many innovative entrepreneurs, VCs, and angel investor groups, in addition to the availability of a sophisticated regulatory and legislative environment, due to the rapid development of the bold investment scene in the Kingdom. In addition to many government initiatives that were launched to achieve the Kingdom’s vision 2030.

It is noteworthy that Saudi Ventures Investment is a government company established in 2018 by facilities within the Financial Sector Development Program, and contributed to the development of the daring investment system by investing in 30 investment funds in the field of venture capital and private equity to stimulate and sustain financing start-ups and small enterprises and medium-sized enterprises from the pre-incorporation stage to before the initial public offering by investing 3.8 billion Saudi riyals ($1 billion).