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Saudi Venture Capital (SVC) announced its investment of $7.5 million in Endeavor Catalyst IV, which is managed by Endeavor Catalyst, the investment arm of Endeavor Global. The fund will focus on investing in early and late-stage startups.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mr. Allen Taylor, Managing Partner at Endeavor Catalyst. The signing ceremony was attended by Mr. Abdulrahman Mansour, acting CEO of the SME Bank.
Dr. Koshak said: “The investment in Endeavor Catalyst IV Fund is a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion. The investment is also part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs across all stages.”
Allen Taylor commented: “We are delighted to extend our collaboration with SVC, building upon the accomplishments achieved through Endeavor Catalyst III. My team and I are eager to contribute to the Kingdom’s growth, and it’s a pleasure to return to Riyadh. The city is truly buzzing with an entrepreneurial spirit!”
Lateefa Alwallan, Managing Director of Endeavor Saudi Arabia, added: “This investment not only fuels the growth of startups and small to medium-sized enterprises within the Kingdom but also empowers the development and long-term sustainability of Endeavor Saudi Arabia’s transformational programs & services. Endeavor distinguishes itself as a guiding force that scales up high-impact entrepreneurs by supporting and investing in them and provides a platform to pay it forward.”
The signing ceremony was also attended by Nora Alsarhan, Chief Investment Officer, and Haifa Bahaian, Chief Legal Officer at SVC. Endeavor Saudi Arabia’s Chairman of the Board, Mussab Al-Muhaidib, and the Managing Director, Lateefa Al-Waalan, were also present at this event.
SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals.