Lib23 announced the launch of 8 investment funds worth $646 million during the second day of the conference. The projects aim to make the Kingdom a destination for innovation and digital entrepreneurship by supporting the growth of startups and SMEs, accelerating the gaming industry, igniting competition in the fields of research, development and innovation, in addition to stimulating the ecosystem.Net.sa/28048/">startups, accelerate the gaming industry, ignite competition in R&D and innovation, and stimulate the ecosystem.
The launch of the funds comes as a result of the efforts exerted by the Ministry of Communications and Information Technology (MCIT), which eventually led to their announcement at the LEAP 23 conference, which the ministry is currently organizing in cooperation with the Saudi Federation for Cybersecurity, Programming and Drones and Tahaluf."
<The Ministry said that the first of these funds is the launch of STV's first Sharia-compliant alternative finance fund to enable the growth of technology companies with $150 million, and IMPACT46 announced the launch of a $133 million fund announced the launch of a $133 million fund targeting tech startups in the Kingdom and the MENA region.
Among the eight launches Among the eight launches, Merak Capital's $53 million Merak Private Equity Fund was launched to support tech companies in the Kingdom, followed by the Saudi Investment Bank's announcement of $40 million to launch a fintech innovation incubator to help grow the financial sector.
Also, IMPACT46 announced the launch of a $133 million fund targeting tech startups in the Kingdom and the MENA region.
Rakiza launched a venture investment fund backed by a global accelerator in Riyadh for $25 million.
The announcements included the launch of BIM VENTURES, a $100 million business development company, through its company-building studio to create innovative and financially sustainable tech startups in partnership with Sulaiman Group, followed by the launch of Shorooq, its second fund to invest in growth companies in the Kingdom, and a $115 million e-gaming accelerator fund.
Shorooq concluded with the launch of its second fund to invest in growth companies in the Kingdom, along with another $115 million e-gaming accelerator fund.
PLANETARY CAPITAL concluded the fund announcements for the second day with the launch of the first Saudi-Canadian fund to invest in local and global space technology startups, with a value of $30 million.
Planetary Capital concluded its second day of announcements by announcing the launch of its first Saudi-Canadian fund to invest in local and global space technology startups.
