Saudi Venture Capital (SVC) has invested $5 million in a fintech fund managed by VentureSouq (VSQ).
VentureSouq (VSQ) is a MENA-based venture capital fund manager with a global portfolio. VSQ manages thematic funds, with a current focus on FinTech.
Dr. Nabeel Koshak, CEO and Board Member at SVC, said that the investment in the fintech fund by VSQ is part of SVC’s Investment in Funds Program to support the development of the VC ecosystem in Saudi Arabia for all sectors and stages. This investment also comes to foster the growth witnessed recently by the fintech sector, which made it at the forefront of the venture capital scene in Saudi Arabia in 2022 in terms of the number of deals and value of investment.
“This growth is driven by the launch of many governmental initiatives that stimulate the fintech sector, such as the “Saudi Fintech” initiative launched by the Saudi Central Bank in partnership with the Capital Market Authority. As well as the launch of the Kingdom’s fintech strategy as a new pillar within the Saudi Vision 2030 Financial Sector Development Program (FSDP), which aims to support the Kingdom to be among the leading countries in the field of Fintech,” Dr. Koshak noted.
Mr. Maan Eshgi, General Partner at VSQ, stated that, “Fintech continues to be one of the largest, most dynamic and most consequential spheres of innovation in the world. It serves the application of new technologies, including web3, AI, and quantum computing. From a magnitude of impact standpoint, we see Saudi Arabia leading the MENA region in Fintech. We are honored and thrilled with the continued trust of SVC, who has been a partner with VSQ for many years.”