The Saudi Venture Capital Company (CVC) has invested in Jordanian based Propellers Ventures Fund that makes investments in start-ups in early stages in fields such as software, SaaS service, and enterprise software as well as cloud infrastructure.
Jordanian based, Propellers Venture Fund is a venture capital firm investing early on in SaaS, enterprise software and cloud infrastructure.
Dr Nabeel Koshak, CEO of CVC stated, “Investing in Propellers Ventures is part of the company’s program to invest in funds. It is an extension of investments already made by the company as part of its strategy to stimulate and offer sustainable funding for early stage start-ups.”
He added, “The Kingdom of Saudi Arabia is witnessing an unprecedented growth in the volume and quality of start-ups deals as a result of having several innovative business entrepreneurs, capital venture funds, angel investor groups, and the availability of a developed organizational and legislative environment, contributing to the Saudi vision 2030.”
Established in 2018, SVC stimulated venture investments in the kingdom through two primary programs, Investment in Funds, and Co-investment in Startups.
