Wednesday, April 17, 2024
HomeFunding Olive Rock Partners secures $30 million in funding

[Funding Alert] Olive Rock Partners secures $30 million in funding

Saudi Venture Capital Company (SVC) has declared that it has invested $30 million in the Olive Rock Partners Fund I, a regional private equity fund that supports buyout deals in mid-market companies that are supported technologically, regionally, and economically.

In the context of SVC’s fund investment programme, this action represents a critical strategic step towards improving financing for startups and small- and medium-sized businesses (SMEs) in the Kingdom. The program’s goal is to encourage and assist in funding firms that are in the early stages of growth or expansion.

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Mohannad Qabaj, co-founder of Olive Rock Partners, signed on behalf of the fund, while Dr. Nabil Koshak, CEO and board member of SVC, signed on behalf of the company.

Abdullah Shahin, co-founder of Olive Rock Partners, Haifa Al-Muqbil, deputy head of investments, and Nora Al-Sarhan, investment manager at SVC, were present at the signing ceremony. The CEO of SVC, Dr. Nabil Koshak, stressed the significance of this investment in light of the company’s plan to expand and improve funding for SMEs and startups, particularly in critical industries.

He stated, “This investment is part of our fund investment program, representing a continuation of the series of investments the company has made in this field.”

Co-founder of Olive Rock Partners Mohannad Qabaj acknowledged the value of the successful collaboration between the two organisations and thanked SVC for their investment and confidence.

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According to Qabaj, private equity partnerships will become more and more important in Saudi Arabia since they support the development of SMEs and the expansion and advancement of the investment landscape as a whole.

By making this investment, SVC is demonstrating its dedication to fostering innovation and entrepreneurship in the Kingdom of Saudi Arabia, particularly in the context of building economic infrastructure and improving the business climate for startups and SMEs.

About Olive Rock Partners

Olive Rock Partners (Olive Rock) is situated in Abu Dhabi Global Market (ADGM), a rapidly expanding financial centre and independent private equity firm. Olive Rock focuses on taking advantage of the changing Middle Eastern investment landscape, particularly in the countries that make up the Gulf Cooperation Council (GCC), both strategically and tactically.

About SVC

SVC is an investment firm established in 2018 and is a subsidiary of the SME Bank, one of the development banks of the National Development Fund (NDF). By investing $2 billion in private capital funds (Venture Capital, Private Equity, Venture Debt, and Private Debt) and co-investing in startups and SMEs, SVC seeks to promote and develop financing options for startups and SMEs from pre-Seed to pre-IPO.

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