SVC makes $30M investment in IMPACT 46's Fund III

Saudi Venture Capital (SVC) has invested $30 million in IMPACT 46’s Fund III, an asset management and advisory firm.

The fund will invest in Saudi growth-stage companies and pre-IPO stage businesses, allocating capital to seed-stage startups and promising Middle East startups, according to a statement shared on Zawya.

Nabeel Koshak, CEO and Board Member at SVC, and Abdulaziz Alomran, Founder and CEO of IMPACT 46, also signed a subscription agreement for the investment as part of an initiative that supports the development of Saudi’s venture capital ecosystem, the statement read.

“The investment in IMPACT 46’s Fund III is part of SVC’s Investment in Funds Program to support the development of the venture capital (VC) ecosystem in Saudi Arabia for all sectors and stages. This investment also comes to foster the growth witnessed recently by the VC sector in Saudi Arabia, which made it at the forefront of the VC scene in MENA during the first half of 2023 in terms of the amount of VC funding,” said Koshak, as reported by Bizpreneur Middle East.

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Abdulaziz Alomran, Founder and CEO of IMPACT 46, said, “This investment not only signifies the growing maturity of the VC activity in Saudi Arabia but also highlights the Kingdom’s potential to emerge as a frontrunner in this sector.”

SVC, a subsidiary of Saudi’s SME Bank established in 2018, aims to stimulate and sustain financing for startups and SMEs by investing $2 billion through funds and co-investment. SVC invested in 43 funds that have invested in more than 700 companies.

IMPACT 46 focuses on alternative investment opportunities in the country. It invests in theme-specific venture capital and private equity from seed to mature businesses. Based in Riyadh, the firm aims to empower entrepreneurs to make a difference in local, regional, and global markets.