SVC invests in Jordan's Propeller's second fund
- Saudi Venture Capital (SVC) has invested in Jordan-based Propeller's second fund. The value of the investment was not disclosed.
- Propeller is an early-stage venture capital (VC) firm that targets investments in startups working across enterprise SaaS and cloud computing. The company concluded its first fund last year.
- Since its establishment in 2018, SVC has invested in 30 VC funds across the region.
Source: Arab News
The Saudi Venture Capital Co. has invested in Jordan-based venture capital firm Propeller — which specializes in funding early stage software-as-a-service, enterprise software and cloud infrastructure startups.
The move comes within the company’s program to invest in funds and stimulating startups, especially in their early stages, Saudi Press Agency reported, citing CEO Nabeel Koshak.
He added that Saudi Arabia is witnessing unprecedented growth in the volume and quality of start-up deals.
This happens as a result of the emergence of many innovative entrepreneurs, VCs, and angel investor groups, in addition to the availability of a sophisticated regulatory and legislative environment.
The value of the investment was not specified.
Established in 2018, SVC is a government company that contributed to the development of the venture investment system by investing in 30 investment funds.