Saudi Venture Capital (SVC), a key player in financing startups and SMEs, has announced a $30 million investment in Olive Rock Partners Fund I, according to a recent press release.
Olive Rock Partners Fund I focuses on mid-market buyouts that are supported by macroeconomic trends, driven by demographic shifts, located in geographically advantageous areas, and enhanced by technology.
The investment agreement was officiated by Dr. Nabeel Koshak, CEO and Board Member of SVC, and Muhannad Qubbaj, Founding Partner of Olive Rock Partners, in a ceremony that also saw the attendance of SVC’s Chief Investment Officer Nora Alsarhan, Vice President of Investments Haifa Almoqbil, and Olive Rock Partners’ Founding Partner Abdullah Shahin.
Dr. Koshak expressed that this investment aligns with SVC’s Investment in Funds Program, continuing the company’s commitment to fostering the growth of startups and small and medium-sized enterprises (SMEs), especially within strategic sectors.
“The investment in Olive Rock Partners Fund I is an implementation of our strategy related to developing and sustaining financing for startups and SMEs,” said Koshak.
Muhannad Qubbaj, on behalf of Olive Rock Partners, thanked SVC for their trust and investment, highlighting the anticipated productive partnership between the two entities.
“We are excited about the partnership that is being forged ahead between both parties,” Qubbaj stated, underscoring the belief that private equity partnerships will play a crucial role in the growth of the SME space and the development of the direct investment landscape in the Kingdom of Saudi Arabia.
Established in 2018 as a subsidiary of the SME Bank, which is part of the National Development Fund, SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO stages through investment in funds and direct investments.
This move is seen as a strategic step to enhance the support structure for emerging businesses in Saudi Arabia, contributing to the broader economic development goals of the Kingdom. – PEVCJournal.com