The Business Incubators and Accelerators Company (BIAC) has launched a new investment initiative in partnership with VentureSouq to bridge the funding gap for startups in Saudi Arabia.
BIAC, a subsidiary of Saudi Technology Development and Investment Company which is wholly-owned by the Public Investment Fund (PIF), will look to play an active role in Saudi Arabia’s ecosystem through direct investments in high-growth tech startups in the country according to a statement issued by the company.
It will also help to bring in other investors into funding rounds.
“we see strong potential in the Saudi tech ecosystem as a number of dynamic, founder-led companies seek funding and support from committed partners,” said Nawaf Al-Sahhaf, chief executive officer at BIAC.
PIF, the country’s sovereign wealth fund, established BIAC in 2016 to contribute to the growth and development of the entrepreneurship ecosystem in line with Saudi’s economic plan, Vision 2030.
The size of the new “funding initiative” was not disclosed.