Banking & Finance $200m fund for Gulf startups launched by Saudi investors By Andrew Hammond August 28, 2024, 12:12 PM CANGo The American actress Khalilah Camacho Ali using a CANGo smart cane, manufactured by a company backed by Waad Family offices back new venture Dedicated to growth-stage backing 23 companies in portfolio A group of Saudi family offices and investors have launched a SAR750 million ($200 million) Gulf-focused startup investment fund called Waad. The fund brings together Saudi investor Yaser AlGhamdi, who is the new fund’s CEO, the AlMajed family office, which owns the Al Majdiah Group, and the AlMisfer family office, which owns the Saudi Real Estate Infrastructure Company (Binyah). A statement issued by the fund said Waad was the largest private investment firm dedicated to supporting growth-stage startups including mentorship and financing, in the kingdom. NewsletterGet the Best of AGBI delivered straight to your inbox every week Asked if there were other non-Saudi families involved, a spokesman for Waad said: “There are other families from the Gulf countries who are investors in the company but prefer not to have their names mentioned.” Saudi state oil company Aramco is the leading venture capitalist in Saudi Arabia. In January it said it had more than doubled the capital allotted to its venture capital arms, Aramco Ventures, which manages three funds, and Wa’ed Ventures, which invests in Saudi startups, to $7.5 billion. Waad is aimed at helping startups in the GCC region. Its website names 23 companies in the fund’s portfolio, covering areas including food and beverages, fintech and AI. One company backed by Waad is CanGo, the manufacturer of a “smart cane” with built-in phone, GPS tracking, LED torch and activity tracker. Fintech focus The value of investments in startups in the Mena region hit $355 million across 38 startups in July, a threefold increase on the previous month and up 260 percent year on year, the Mena entrepreneurship platform Wamda said. Fintech was the most popular choice among investors, accounting for more than half of the total value ($181 million) invested across 16 startups. Saudi Arabia experienced the greatest decline month-on-month, with just $31 million invested in seven deals. Overall, Saudi Arabia is the region’s centre for venture capital, with funding for small companies from banks, financial institutions and venture capitalists up sharply in 2023. Funding for Saudi startups rose 159 percent to $2.36 billion in 2023. The US-based Sovereign Wealth Fund Institute lists 84 family offices in the region, mostly based in Saudi Arabia and the UAE.
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