KSA Launches $133M Fund for ICT Startups
Taqnia, a Saudi firm investing in tech innovation, and the investment bank Riyad Capital have launched the “Riyadh Taqnia Capital” fund worth SAR500 million (around $133 million) targeting ICT startups. The new fund was unveiled at Arabnet Riyadh in December 2015, and announced it will seek to make investments that are of strategic interest to Saudi Arabia in Silicon Valley, Europe, and Japan. The aim of the fund is to grow the Kingdom’s innovation ecosystem and venture capital sector in an effort to shift from an oil and gas economy to a knowledge-based one. It will also explore investments in energy, advanced materials, and sustainability. The fund will be headquartered in Riyadh but will operate its international unit from California in the US.