The Saudi Venture Capital Company (SVC) has declared a substantial $30 million investment into the Olive Rock Partners Fund I. The fund is renowned for its focus on mid-market buyout opportunities, targeting companies with robust foundations in technology, regional presence, and economic stability.
This move represents a critical strategic effort within SVC’s fund investment program, specifically designed to bolster financing avenues for both startups and small to medium-sized enterprises (SMEs) within the Kingdom.
Facilitating early-stage capital for companies poised for growth or expansion is a primary goal of the program, aligning with national efforts to foster a thriving entrepreneurial ecosystem.
At the helm of the fund, Olive Rock Partners’ co-founder Mohannad Qabaj participated in the investment signing, alongside Dr. Nabil Koshak, CEO and board member of SVC. The event also saw the presence of Abdullah Shahin, Olive Rock Partners’ co-founder; Haifa Al-Muqbil, deputy head of investments; and Nora Al-Sarhan, investment manager at SVC.
Dr. Koshak highlighted this investment as a pivotal component of the company’s strategy to escalate support and funding for SMEs and startups, particularly in sectors deemed crucial for economic growth.
“This investment is part of our fund investment program, continuing the series of investments made by the company in this field,” Dr. Koshak remarked.
For his part, Qabaj expressed gratitude for the flourishing partnership between Olive Rock Partners and SVC, acknowledging the latter’s trust and investment.
Qabaj also pointed out the increasing importance of private equity partnerships in Saudi Arabia, noting their role in bolstering SME development and enriching the investment ecosystem.
SVC’s investment underscores its dedication to nurturing innovation and entrepreneurial spirit within the Kingdom, aiming to solidify the economic framework and improve the business climate for burgeoning startups and SMEs.