SparkLabs Saudi Arabia and Riyadh Valley Company Launch New Venture Fund to Boost Innovation
SparkLabs and Riyadh Valley Company Partner to Launch SparkLabs KSU Fund I
In a significant move to enhance the startup ecosystem in Saudi Arabia, SparkLabs Saudi Arabia has unveiled the SparkLabs KSU Fund I. This new venture capital fund, boasting an impressive USD 20 million in capital, aims to support both local and global founders who are building and scaling their businesses from within the Kingdom.
The fund received its anchor investment from the Riyadh Valley Company (RVC), which serves as the investment arm of King Saud University. The partnership highlights a commitment to fostering innovation by investing in high-potential startups that emerge from the university's entrepreneurial ecosystem.
Strategic Focus and Investment
The SparkLabs KSU Fund I is strategically designed to invest across various stages, including pre-seed, seed, and Series A funding. A significant aspect of the fund's investment strategy is its dedication to nurturing Saudi-founded startups, with plans to allocate up to 20% of the capital for international founders who intend to localize and expand their operations in Saudi Arabia.
Supported by the King Saud University Entrepreneurship Center, the fund aims to tap into the talent and ideas generated by students and faculty, bolstering the local economy and creating jobs. This initiative will not only help in securing early-stage funding for emerging startups but will also provide vital access to SparkLabs' global network and resources, thereby accelerating the growth and international outreach of selected ventures.
Building a Globally Connected Ecosystem
Ivan Grlic, Managing Partner at SparkLabs Saudi Arabia, emphasized the importance of this investment in creating a globally connected innovation ecosystem rooted in Saudi Arabia. He stated, "Through SparkLabs KSU Fund I, we aim to support exceptional founders with capital, hands-on expertise, and access to international markets."
The fund's launch aligns with Saudi Arabia's vision for economic diversification and technological advancement, as the nation positions itself as a regional hub for innovation and entrepreneurship. As part of the overarching strategy, applications are now open for ambitious founders eager to make their mark in the startup landscape of Saudi Arabia.
SparkLabs Group: A Global Network
Founded in 2013, SparkLabs Group has established a robust global network comprising startup accelerators and venture capital funds across Asia, the Middle East, Australia, and the United States. To date, it has invested in over 600 companies worldwide, accumulating a combined post-money valuation exceeding USD 56 billion. The portfolio includes leading firms in categories such as AI, deep tech, and enterprise software.
The partnership with Riyadh Valley Company further reinforces their shared objective of attracting global innovation to Saudi Arabia while nurturing local talent and contributing to the Kingdom's long-term economic transformation.
The SparkLabs - KSU Accelerator Program
Complementing the fund is the SparkLabs - KSU accelerator program, designed to support early-stage founders through mentorship and operational guidance. This initiative is backed by the National Technology Development Program (NTDP) and aims to build on SparkLabs' model, which boasts a remarkable startup survival rate of over 86.7%.
In summary, the launch of the SparkLabs KSU Fund I is a pivotal step towards enhancing the entrepreneurial landscape in Saudi Arabia. By providing essential funding and support, it lays a promising foundation for the future of startups in the region, aiming to create a vibrant ecosystem that fosters innovation, growth, and sustainable development.
Topics Consumer Technology）
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