The Saudi Venture Capital Company (SVCC) has signed a memorandum of understanding (MoU) with US venture capital (VC) investor Tim Draper to establish a VC investment fund to finance small and medium enterprises in the heath, finance, education, energy and agricultural sectors.
The state-owned SVCC was specifically formed as a vehicle to support SMEs and encourage entrepreneurs in new fields.
The MoU signing took place at the headquarters of the Small & Medium Enterprises General Authority (Monsha’at) in Riyadh featuring Draper and SVCC chief executive Mohammed Al Malki.
The US investor is well known for his investments in fintech, blockchain and other emerging sectors.
Meanwhile Monsha’at is looking to fulfil its mandate of increasing the SME sector’s contribution to Saudi’s GDP to 35% by 2030.
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