Khwarizmi Ventures, a Saudi investment firm, is planning to launch a second fund worth between $100 million and $120 million.
The fund will support early-stage startups in the Middle East and North Africa (MENA) with a special focus on growing businesses in Saudi Arabia.
The new fund will invest in startups that are in their early stages, from Seed to Series A. It will mainly support companies that are based in Saudi Arabia or have plans to grow their business there.
Abdulaziz Al-Turki, managing partner at Khwarizmi Ventures, said in an interview that now is a good time to invest early in startups in the region.
He also mentioned that ten years ago, there were no startups valued at over one billion dollars, but now there are eight. He believes this number could grow to 60 by the year 2035.
The company’s first fund was $70 million. They have already used about 80% of it to invest in startups, and the rest is saved to invest more in companies they already support.
The company helps businesses that have moved beyond just an idea. These businesses already have a product, are starting to make some money, and have a clear plan to grow.
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