Four startups – including three e-commerce companies and a HealthTech – as well as a leading global accelerator, and a venture capital fund intend to invest $162.2 million in Saudi Arabia.
The licenses were announced by Saudi Arabia’s Ministry of Investment at the Global Entrepreneurship Congress, and are evidence of the kingdom’s burgeoning start-up and venture capital ecosystem.
The ministry said the licences are evidence of the kingdom’s burgeoning start-up and venture capital ecosystem.
The licenses announced included, imVentures, a venture capital fund that offers venture lending as well as equity, with an investment of $100 million.
Plug and Play, a world leading early-stage investor, accelerator, and corporate innovation platform with global headquarters in Sunnyvale, California in the Silicon Valley, will invest $25 million.
Additionally, Cartlow, a leading re-commerce startup offers pre-owned, refurbished, open box and clearance products that are tested and certified by experts, has revealed an investment of $13.4 million.
SOUM, an AI powered C2C market place for second-hand products, will invest $4 million; while Rabbitmart, an on-demand ultra-fast delivery company with the promise of delivering groceries and other goods under 20 minutes, will investment of $14 million.
Smileneo, a health tech company enabling doctors to be part of the digitalisation of teeth straightening, will invest $5.8 million.
Khalid Al Falih, the kingdom’s Minister of Investment. Image: AFP/Getty Images
Saudi Arabia’s Minister of Investment, Khalid Al Falih, said: “As the world continues to emerge from the Covid-19 pandemic, entrepreneurs are shaping our ‘new normal’. In Saudi Arabia the start-up scene is thriving, and there is enormous potential for venture capitalists.
“An enhanced regulatory environment and our recently launched National Investment Strategy are unleashing opportunities not previously available in the Kingdom and these new investments are a result of the economic transformation happening now under Vision 2030”.
At the Global Entrepeneurship Congress, MISA also announced signing MoUs with Saudi entities Monshaat, and SDAIA to further support start-ups in the Kingdom and foster entrepeneurialism.
The licenses and MoUs announced by MISA are the latest demonstration of the Ministry’s commitment to supporting and growing the Kingdom’s entrepreneurship ecosystem, and follows last week’s announcement of a partnership with JADA Fund of Funds to stimulate the Kingdom’s burgeoning start-up sector through a new ‘Catalyze Saudi’ engagement platform.
The Global Entrepreneurship Congress is an inter-disciplinary gathering of startup champions from around the world, ranging from entrepreneurs, investors, researchers, thought leaders, and policymakers, to share and strengthen new approaches to empower entrepreneurs and increase innovation.
Under a theme of ‘Reboot, Rethink, Regenerate: Building One Global Entrepreneurial Ecosystem’, the annual GEC event was attended by leaders from across the kingdom’s government, illustrating its collaborative approach to boosting the Saudi entrepreneurialism ecosystem.
Over four days, participants explored the role of entrepreneurs in the technology, tourism, mobility and sports sectors as the world adapts their economies to changes in consumer behaviour.
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