SAB Invest Launches First Venture Capital Fund to Promote Financial Innovation for Tech Companies
SAB Invest has announced the launch of its inaugural venture capital fund focused on technology, aimed at fostering financial innovation for start-ups and companies operating within the tech sector.
The launch took place during the “24Fintech” conference and exhibition held at the Riyadh International Convention and Exhibition Center.
The event, themed “Beyond Borders… Beyond Time,” is organized by Fintech Saudi and the Alliance Company from September 3 to 5.
Fund Objectives
The fund aims to achieve financial innovation for technology start-ups and drive innovation, with a primary focus on early- and growth-stage companies across the tech landscape.
This initiative aligns with the objectives of the Financial Sector Development Program under Vision 2030 to support private sector growth.
SAB Invest will leverage its expertise and investment management capabilities within the Saudi market to meticulously select promising opportunities for the fund.
Companies supported by the fund will benefit from financial backing, as well as access to SAB Invest’s extensive network and capabilities in the financial services sector.
Ali Almansour, CEO of SAB Invest, commented: “The launch of this fund underscores the ongoing commitment of major institutions to enhance innovation and support the growth of the Saudi fintech ecosystem.”
He added, “We believe that such investments in the fintech sector have the potential to transform the financial services industry and empower the Kingdom’s population with innovative financial products and services.”
Tony Cripps, CEO of SAB, said: “We are excited to invest in this venture capital fund to accelerate financial innovation and improve customer experiences and offerings in the market.
The local fintech sector holds immense potential, and this fund will play a crucial role in supporting the next generation of disruptive and emerging financial technologies.”
He noted, “By investing in promising high-growth potential start-ups, we aim to contribute to a more innovative and inclusive financial ecosystem in the country, in line with the aspirations of Vision 2030.
