The Saudi Venture Capital (SVC) has publicly disclosed a strategic move involving a $30 million allocation into a private equity fund administered by Olive Rock Partners. This fund is specifically tailored to engage in technologically enabled acquisition operations.
The investment agreement was inked by Dr. Nabil bin Abdulqader Koshak, CEO and Board Member of SVC, alongside Olive Rock Partners’ founding partner, Mohannad Kabbara.
Witnessing the agreement signing on behalf of SVC were Noura Al Sarhan, the CEO of Investment, and Haifa Al Mogbel, the Deputy Investment Manager. From Olive Rock Partners, founding partner Abdullah Shahin was present.
Dr. Nabil Koshak elaborated that the partnership with Olive Rock Partners and the corresponding investment in the private equity fund is part of SVC’s broader strategy to boost and sustain funding for startups as well as small and medium-sized enterprises (SMEs), particularly within strategic sectors.
Mohannad Kabbara expressed gratitude towards SVC for their investment and trust. He conveyed excitement about the fruitful partnership and emphasized the increasing importance of private equity collaborations in Saudi Arabia as a fundamental component in fostering the growth of SMEs and enhancing the expansive progression of the investment landscape.
It is noteworthy that SVC, founded in 2018, operates as an investment entity under the Small and Medium Enterprises Bank, which is affiliated with the National Development Fund. SVC’s mission is to stimulate and maintain financing for startups and SMEs from the pre-establishment stage up to the pre-initial public offering phase through both fund investments and direct investments into these emerging businesses.
