Venture capital firm, SVC, pumps $15 million into the second $90 million installment of Saqr Fund II by Vision Ventures.
Saudi Venture Capital Invests $15 Million in Vision Ventures' Saqr Fund II
Saudi Venture Capital (SVC) has announced an investment of $15 million in Saqr Fund II, a fund by Dammam-based early-stage investor Vision Ventures. This marks SVC's second time as an anchor investor in a Vision Ventures fund.
Vision Ventures, a Saudi-based venture capital firm, was founded in 2016 by experienced entrepreneurs Al-Essa and Haitham Bu-Aisha. The duo previously built Sahara Net, one of the first Internet Service Providers (ISPs) in the Kingdom. The firm's initial investments came from the balance sheet before the launch of their first GP/LP fund in 2018.
Vision Ventures focuses on investing in innovative startups at Seed and Series A stages across various verticals, with a particular emphasis on Information Technology, Software, and E-Commerce. They primarily target startups in Saudi Arabia, the United Arab Emirates, and Egypt.
Notable investments by Vision Ventures include Ejari, a Rent Now, Pay Later (RNPL) platform for residential rentals, Lola Do, a customized cake service for special occasions, and MoneyHash, a fintech company offering payment and financial services across the Middle East and Africa.
The firm prides itself on providing hands-on support for startups, assisting with marketing, sales, product development, financial planning, and growth strategy. Their approach is encapsulated in their slogan "By Entrepreneurs for Entrepreneurs," highlighting their commitment to nurturing startup success in the region.
One of Vision Ventures' successful investments is Salla, an ecommerce software startup. While the stake in Salla was sold as part of secondaries in Salla's pre-IPO $130 million round led by Investcorp and Sanabil Investments, the firm's initial investment in Salla in 2018 generated an impressive 225x return on its investment earlier this year.
Vision Ventures has already invested in at least one startup through Saqr Fund II, Saudi-based Rewaa, a SaaS startup building POS and inventory management software for retailers. Saqr Fund II follows a sector-agnostic approach and targets a size of $90 million, investing in early-stage startups from pre-seed to pre-series B stages across Saudi Arabia and the Middle East & North Africa. The first fund of Vision Ventures was one-third in size compared to Saqr Fund II.
This investment by SVC in Saqr Fund II underscores the growing interest in the Saudi startup ecosystem and the potential for early-stage investments to yield significant returns. With their hands-on approach and focus on nurturing startup success, Vision Ventures continues to play a crucial role in the region's burgeoning tech scene.
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