Sharakah Ventures Launches Fund for Middle Eastern Startups
Sharakah Financial, based in Riyadh, has introduced the Sharakah Ventures Fund, aimed at investing in high-growth tech startups in the Middle East and North Africa (MENA) region. The fund’s value was not disclosed.
Founded at the end of 2023, Sharakah Financial is a licensed investment management company by the Saudi Capital Market Authority. It focuses on venture capital and private equity funds within Saudi Arabia and the MENA region.
The fund will primarily invest in early-stage startups in fintech and business software sectors, seeking early-stage and seed funding.
Sharakah expressed optimism about the entrepreneurial and venture capital ecosystem in Saudi Arabia and the broader MENA region. Over the past five years, demand for tech company funding has surged twelvefold, from 435 million SAR in 2019 to 5.2 billion SAR in 2023.
The company highlighted its growing confidence in the venture capital landscape in Saudi Arabia and MENA. Saudi Arabia, with the largest GDP in the region, is experiencing venture capital investment growth nearly double that of other MENA countries.
Faris Al-Rashed, founder and CEO of Sharakah Financial, stated, “Our strategy is to create specialized financial products for startups, both tech and non-tech. We aim to develop investment products that meet the rising demand for tech and private equity investments by leveraging our team’s expertise in governance and relationship-building, which are crucial for selecting and managing investments in startups.”
