Saudi Investment Firm CoreVision Acquires Fintech Startup VeFund
VeFund’s investment management platform provides investors with tools to assess the viability of startups.
Saudi-based investment firm CoreVision has acquired a strategic stage in the MENA-focused investment management startup VeFund, in CoreVision’s latest move to enhance its portfolio with AI-driven technologies. VeFund is a platform that connects startups with potential investors, providing tools such as a valuation calculator and an AI Survivability Index, which assesses how future-proof a startup is against predicted advances in artificial intelligence.
Founded in 2023 by entrepreneur and AI expert Mohamed Gaber and co-founder Ahmed Magdy, VeFund also offers extensive portfolio management solutions, and has sourced and evaluated startups for demo days with the Development Bank of Saudi Arabia and other organisations, facilitating the discovery and valuation of promising startups and enhancing the investment and development landscape for new ventures.
“We at CoreVision are not just investors. We see ourselves as ecosystem builders,” Faisal Al-Abdulsalam, Founder and CEO of CoreVision, tells StartupScene. “As such, our vision is to transform VeFund into a secondary market for startups, offering a platform for investors to trade safe notes, which is essential to contributing to the vibrancy of the startup community here in Saudi Arabia.”
Following the acquisition, Al-Abdulsalam will take the helm as CEO of VeFund, bringing his expertise and new perspectives to the organisation. As the startup community in Saudi Arabia continues to grow year-on-year, platforms such as VeFund will be crucial in streamlining the assessment and investment process for venture capital firms and angel investors alike, cutting through the increasingly saturated domestic and regional market.
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