SAB Invest announced the launch of its inaugural tech-focused venture capital private fund at the 24 Fintech event held in Riyadh. The fund’s objective is to enable financial innovation for technology start-ups and drive innovation, with the primary focus being on early- and growth-stage companies across the tech landscape; enabling the support of private sector growth in-line with the objectives of Vision 2030’s Financial Sector Development Program.
SAB Invest will leverage its expertise and investment management coverage of the Saudi market to diligently select promising opportunities for the fund. Companies backed by the fund will benefit from financial support, in addition to receiving strategic guidance and access to SAB Invest’s extensive network and leading capabilities within the financial services sector.
Commenting on the launch, Managing Director and CEO of SAB Invest Ali Almansour said, "The launch of this venture capital fund with anchor investors such SAB underscores the ongoing commitment of large institutions to fostering innovation and supporting the growth of the Saudi fintech ecosystem. We believe such investments in the fintech sector has the potential to revolutionise the financial services industry and empower the Kingdom’s population with greater access to innovative financial products and services.”
“We are excited to invest in this venture capital fund, which is dedicated to supporting our ambition of accelerating financial innovation and the advancement of the overall customer experience and offerings in the market,” said Tony Cripps, Managing Director and CEO at SAB. “The local fintech sector holds immense potential, and this fund will play a crucial role in nurturing the next generation of disruptive and emerging financial technologies. By investing in promising and high-growth potential start-ups, we aim to contribute to a more innovative and inclusive financial ecosystem in the country, in line with the aspirations of Vision 2030.”