Saudi Technology Ventures (STV), a well-known venture capital firm in the Middle East, has started a $100 million fund to help technology startups grow in Saudi Arabia. This move is part of STV’s bigger plan to strengthen the country’s tech industry and support Saudi Arabia’s Vision 2030 goals.
This fund provides capital without taking any ownership, aiming to support technology startups in Saudi Arabia.
The fund is supported by SAB Invest’s Alternative Financing Fund, the National Technology Development Program (NTDP), and several family offices.
STV launched its Total Growth platform, supported by Saudi Arabia’s National Technology Development Program (NTDP), at the LEAP 23 Conference in Riyadh.
Starting with $150 million in initial funding and continuing to grow, the platform aims to speed up the growth of tech companies in the region by offering equity and debt financing.
Through its new platform, the fund aims to boost regional tech startups by giving founders access to various funding options that support them at every stage of their growth.
“We’re excited to start this new phase at STV,” said Abdulrahman Tarabzouni, Founder and CEO of STV. “Over the last five years, we’ve backed amazing founders and companies, many of which have become leaders in their fields. With STV Total Growth, we’re taking our mission further by offering a unique debt and equity funding mix. We use our strong connections and deep experience to help tech companies grow globally.”
STV Total Growth will offer different types of funding to help growing tech companies in the region. In addition to regular venture capital (equity), it has introduced a new product called Tanami. Tanami is a Sharia-compliant loan that doesn’t require founders to relinquish ownership, helping to support and grow the local tech scene.
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