Riyadh, Saudi Arabia – 25 May 2023:
Saudi Venture Capital (SVC) announced its investment of $7.5 million in Endeavor Catalyst IV, which is managed by Endeavor Catalyst, the investment arm of Endeavor Global. The fund will focus on investing in early and late-stage startups.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mr. Allen Taylor, Managing Partner at Endeavor Catalyst. The signing ceremony was attended by Mr. Abdulrahman Mansour, acting CEO of the SME Bank.
Dr. Koshak said: “The investment in Endeavor Catalyst IV Fund is a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion. The investment is also part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs across all stages.”
Allen Taylor commented: "We are delighted to extend our collaboration with SVC, building upon the accomplishments achieved through Endeavor Catalyst III. My team and I are eager to contribute to the Kingdom's growth, and it's a pleasure to return to Riyadh. The city is truly buzzing with an entrepreneurial spirit!"