Saudi Venture Capital (SVC) announced its investment of USD 7.5 million in Endeavor Catalyst IV, which Endeavor Catalyst, the investment arm of Endeavor Global, manages. The fund will focus on investing in early and late-stage startups.
Dr. Nabeel Koshak, CEO and Board Member at SVC, and Allen Taylor, Managing Partner at Endeavor Catalyst signed the subscription agreement. The signing ceremony was attended by 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 USD1.6 billion. The investment is also part of SVC's Investment in Funds Program, a continuation of the company's series of investments and 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.
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 and 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.
Source: Saudi Press Agency