BIM Ventures & SBI Holdings Launch $100M Fund for Saudi Startups
The fund will offer crucial funding to startups during their establishment and growth phases.
Saudi venture studio BIM Ventures has signed a MoU with SBI Holdings in order to establish a $100 million joint investment fund dedicated to nurturing startups and investing in the Saudi market.
The MoU was officially signed and announced at the Saudi Japan Vision 2030 Business Forum in Tokyo, Japan. This strategic partnership underscores the mutual commitment of Saudi Arabia and Japan to reinforce bilateral economic relations. The primary objective is to support innovative startups in the Saudi market by providing essential financial and logistical support to foster sustainable growth in this sector.
The fund will offer crucial funding to startups during their establishment and growth phases. Additionally, it will provide guidance and mentoring to the companies at the beginning of their journeys. The fund also aims to attract foreign investment into the Saudi market.
This initiative aligns with Saudi Arabia’s broader vision to increase private sector contribution to the GDP, and attract more foreign investment in order to elevate the Kingdom's running among the top ten economies in the Global Competitiveness Index by 2030.
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Jun 14, 2024 -
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