Saudi Venture Capital inks MoU with US venture capitalist
Saudi Venture Capital Co. signed a memorandum of understanding (MoU) with US-based venture capitalist Tim Draper to set a venture capital investment fund in Saudi Arabia, under the patronage of the Small and Medium Enterprises General Authority (Monsha’at), an official statement said. Under the terms of the MoU, the fund aims to encourage Saudi entrepreneurs to explore new fields of business and will invest in their small and medium enterprises (SMEs). “Draper is one of Silicon Valley’s venture capitalists, and blockchain and FinTech investors, who co-founded a number of companies and investment funds such as DFJ. He has founded Draper Ventures Network and a specialized university for teaching entrepreneurship,” Mohammed Al-Malky, Saudi Venture Capital Co.’s acting CEO, said.
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