Sanabil Investments, a wholly-owned financial investment company by the Public Investment Fund, announced today the launch of its innovative Venture Studio project for four emerging companies, allocating $14 million in funding for them.
The company stated in a press release that this move coincides with the one-year anniversary of the establishment of Sanabil Venture Studio, as part of its continuous efforts to support and develop the startup ecosystem in Saudi Arabia.
The statement mentioned that the Sanabil Venture Studio aims to create scalable and growable technology enterprises, initially targeting the establishment of companies within three main sectors as part of the Public Investment Fund’s strategic pillar program. These sectors include financial technology, consumer goods, and tourism and entertainment.
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Sanabil allocates more than $3 billion annually in global private investments, including venture capital and growth strategies.
The Sanabil Venture Studio contributes to the creation of new companies that have significant advantages such as capital availability, easy market access, and sector expertise. This is achieved by accelerating the pace of innovating new ideas, validating their execution feasibility, and investing in early-stage companies.
This model provides a unique solution that helps reduce risks associated with startup establishment and enables the capitalization on unprecedented innovation opportunities.
Sanabil Investments has partnered with Strive, a leading global company in strategic growth consultancy and company establishment based in Switzerland with a broad global presence, to create and operate the first venture studio by Sanabil Investments. The partnership also takes advantage of Strive’s data-driven approach to de-risk each stage of the company creation process.
A specialized team of over 50 experts, including company builders, product managers, designers, and software engineers, operates the studio. They are currently developing various startups and initial business models.
Previously, $14 million was allocated as venture capital funding for the year 2023, a portion of which was used to finance the first four startups.
A spokesperson for Sanabil Investments commented, “We decided not to announce the launch of the Sanabil Venture Studio since its inception in early 2023, focusing instead on conducting research on various products and solutions. We exchanged ideas and tested them, resulting in promising outcomes, with the launch of four startups in diverse sectors. In addition to developing new startups, the studio will participate in providing initial funding for founders. We have now begun employing a group of the finest talents and brightest minds in the Kingdom and the region to join our projects.”
Ryan Ivey, a partner at Strive, expressed his enthusiasm for the partnership with Sanabil to assist in establishing and operating the venture studio. He emphasized that this partnership offers a unique opportunity for the growth of new startups and long-term value creation, as well as enhancing their internal ecosystem and addressing key sectors in line with Saudi Vision 2030. He expressed confidence that the expertise provided in this field will achieve the desired impact.
Julian Reiter, a partner at Strive, added that the “Venture Studio” welcomes local and regional entrepreneurs and venture capital funds eager to make a positive impact in the Kingdom’s key sectors by establishing and leading successful startups and investing in them.
