The Saudi Venture Capital Company (SVC) has signed an investment deal with a venture capital fund licensed by the Capital Market Authority (CMA) and founded by Osool & Bakheet Investment Company (OBIC) and iMENA Group.

The agreement signing took place virtually between the CEO of SVC, Nabeel Koshak, and OBIC’s CEO, Mazin Al Dawood, through videoconference, Saudi Press Agency (SPA) reported on Sunday.

Moreover, the signing was attended by the governor of the General Authority for Small and Medium Enterprises (Monsha’at) and chairman of SVC, Saleh Al Rasheed.

The investment was carried out under the Saudi SVC project of investing in funds programme, which encourages the establishment of venture capital funds that invest in startups during their different stages, which is also one of Monsha’at’s initiatives, Al Rasheed noted.

source: mubasher