BUSINESS

Saudi Venture Capital signs MoU with US investor Tim Draper

December 11, 2018



Establishment of a venture capital investment fund will finance SMEs in health, education, agriculture, finance, and energy sectors
Establishment of a venture capital investment fund will finance SMEs in health, education, agriculture, finance, and energy sectors

RIYADH —

Saudi Venture Capital Company signed a memorandum of understanding with American investor Tim Draper, one of the most important venture capital investors in the world under the sponsorship of the Small & Medium Enterprises General Authority (Monsha’at), in the presence of the Governor of Monsha’at Eng. Saleh Al-Rasheed.

The memorandum of understanding stipulates the establishment of a venture capital investment fund to finance SMEs in the fields of health, education, agriculture, finance, and energy.

The Saudi Venture Capital Investment Company was founded to contribute to the growth and diversification of Saudi Arabia’s economy, in addition to supporting SMEs and encouraging entrepreneurs to explore new fields.

The signing took place on the sidelines of Draper’s visit to Monshaat’s Headquarters in Riyadh, where he attended a number of important panel discussions on Financial Technology, Venture Capital, Entrepreneurial Ecosystem and the Scale Up programs in Saudi Arabia.

Mohammed Al Malki, A/g CEO of the Saudi Venture Capital Company, said Draper is considered one of the most important businessmen and investors in venture capital, blockchain and financial technologies in Silicon Valley, and has co-founded a number of companies and investment funds, such as Draper Associates, and DFJ. In addition to that, he has established Draper University, which is specialized in entrepreneurship education, and also established Draper Ventures Network.

Monsha’at works on providing SMEs and entrepreneurs with the best international expertise, in order fulfill its goal of increasing the growth and productivity and increasing its contribution to the GDP to 35% by 2030. — SG


December 11, 2018
1610 views
HIGHLIGHTS
BUSINESS
11 hours ago

IMC, Medical Sponsor for the Rotana World Cup Event in Jeddah

BUSINESS
12 hours ago

World’s Largest Martial Arts Organization expands to Saudi Arabia with live shows and academies

BUSINESS
12 hours ago

Abbar successfully launches AbbarePOS, a software for retailers, restaurants and coffee shops