Saudi Venture Capital Company (SVC) signed an investment agreement with Rua Growth Fund – a Saudi-based Venture Capital fund with a primary focus on early and growth-stage technology companies in Saudi Arabia. Rua Growth Fund is one of the first licensed venture capital funds by the Capital Market Authority (CMA) of Saudi Arabia, established by Osool & Bakheet Investment Company – a leading investment bank in Saudi Arabia, and iMENA Group – a leading venture capital investment company which backs innovative technology companies across the MENA region.
The signing was made through video conferencing between the CEO of the Saudi Investment Company, Dr. Nabil Bin Abdul Qadir Koshak and the CEO Osoul and Bakheet Investment Company Mr. Mazen Al-Dawood and was attended by the Governor of the General Authority for Small and Medium-Size Enterprises (Monshaat) and Chairman of the Board of Directors of the Saudi Venture Capital, Eng. Saleh Bin Ibrahim Al-Rasheed, and the Founder and Managing Director of iMENA Group, Dr. Khaldoon Tabaza.
The Governor of the General Authority for Small and Medium-Size Enterprises “Monshaat” and Chairman of the Board of Directors of the Saudi Venture Capital Eng. Saleh Al-Rasheed explained that this investment in Rua Growth Fund is seen to support the vision of growth in seed capital funds across Saudi Arabia through the Funds’ investment programme, which is one of Monshaat’s initiatives to stimulate private sector growth and investments in startup technologies during the different stages of development. Commenting on the ceremony and the establishment of Rua Growth Fund, Dr. Khaldoon Tabaza said “Rua Growth Fund and the partnership with Saudi Venture Capital Company is a major milestone in the journey we started at iMENA Group in 2013 to support innovative technology startups across Saudi Arabia and the MENA region at large in order to build home-grown technology champions.”