KSA Launches $133M Fund for ICT Star­tups

Arabnet - The Quarterly - - Industry Stories -

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.

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