Riyadh, Saudi Arabia – 26 June 2022: Saudi Venture Capital (SVC) announced its investment in a global specialty lending fund managed by Partners for Growth (PFG), one of the international and experienced fund managers providing venture and growth stage debt instruments to startups and SMEs. PFG also maintains a close strategic partnership with Silicon Valley Bank.
The fund focuses on offering venture debt instruments to high-growth startups and SMEs in several sectors, such as technology, fintech, healthcare, and life science.
Commenting on the investment, Dr. Nabeel Koshak, CEO and Board Member at SVC, said “the investment in the venture debt fund by PFG is part of SVC’s Investment in Funds Program, and is to implement SVC’s latest strategy related to the launch of the “Investment in Venture Debt Funds” product in order to fill the financing gaps in the venture capital ecosystem. Venture debt funds provide financing solutions to high-growth startups and SMEs to prevent equity dilution for founders and existing investors and allow startups and SMEs to achieve greater progress during their growth journey.”
“Partners for Growth is pleased to have the support of Saudi Venture Capital,” noted Andrew Kahn, CEO and Managing Director at PFG, “partnering with SVC will help further catalyze activity in the private debt and specialty lending market for regional high-growth companies to complement the local venture capital market.”
Saudi Venture Capital (SVC) is a Government VC established in 2018 by Monshaat as part of the Financial Sector Development Program (FSDP). SVC contributed to the development of the VC ecosystem through the investment in 30 VC and PE funds and the co-investment with 5 angel groups and fund managers for the primary goal of stimulating and sustaining financing for startups and SMEs from pre-seed to pre-IPO by investing $1 billion.