Saudi Venture Capital (SVC) announced its investment of $30 million in Olive Rock Partners Fund I, a regional private equity fund focusing on actively investing in macro-supported mid-market buyouts that are demographically driven, geographically advantaged, and technologically enabled, according to a press release from SVC. The subscription agreement was signed by SVC’s CEO and Board Member, Dr. Nabeel Koshak, and Olive Rock Partners’ Founding Partner, Muhannad Qubbaj. The signing ceremony was also attended by SVC’s Chief Investment Officer, Nora Alsarhan, Vice President of Investments, Haifa Almoqbil, and Olive Rock Partners’ Founding Partner, Abdullah Shahin. SVC’s CEO, Dr. Nabeel Koshak, said: “The investment in Olive Rock Partners Fund I is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors.”
For his part, the Founding Partner at Olive Rock Partners, Muhannad Qubbaj, said: “We thank SVC for the investment and trust extended and are excited about the fruitful partnership that is being forged ahead between both parties. We also would like to emphasize the aligned conviction that private equity partnerships in the Kingdom of Saudi Arabia will increasingly become a key factor in fuelling the growth of the SME space and in fostering the expansion and development in the overall direct investment landscape.” SVC is an investment company established in 2018, a subsidiary of the SME Bank, part of the National Development Fund.
SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
Source: www.spa.gov.sa