IMPACT46, a Capital Market Authority (CMA) authorized asset management and advisory that focuses on alternative Saudi Arabian investment opportunities, has launched a new $133 million fund to invest in technology startups in Saudi Arabia and the MENA region.
The Fund is the third and largest fund by IMPACT46. Through its funds, IMPACT46 aims to localize proven technologies to support local solutions. This is in line with Saudi Vision 2030 which aims to develop the national economy and diversify the Kingdom’s sources of income.
The Fund seeks to invest in tech startups in different areas, mainly, fintech, eCommerce and SaaS. The Fund focuses on investing in Saudi startups with the potential to invest in promising startups from the MENA.
“The fund will continue to support ambitious entrepreneurs in the Kingdom and MENA by providing them with the required capital. There are many promising opportunities in the Kingdom to build businesses that develop innovative solutions. IMPACT46 sees strong investor appetite for investment for its fund due to strong historical performance and investor confidence.”
The newly-established fund builds on the success of previous IMPACT46 funds. The company’s first fund, The Seed Fund, which was launched in 2019, recorded a 3.6x return on its investments, the growth fund was established in 2021 and generated a 1.9x return on its investments.
IMPACT46 has launched several funds through which it has invested in 33 early and growth-stage startups. Saudi startups represent the majority of fund investments. IMPACT46 is considered one of the largest Venture Capitals in Saudi Arabia and the region, with the value of managed assets reaching $1.3 billion in 2021.