Saudi Arabia for bold investment (SVC) announced the doubling of its investment in the bold debt fund managed by the company "Partners for Growth (PFG)", one of the global fund managers with experience in providing bold debt instruments for startups and small and medium enterprises, bringing the total size of the investment of "SVC" in the fund to 120 million riyals.
Last year," SVC "announced its investment in the bold debt fund managed by PFG as the first bold debt funds in which the company invests following the launch of the investment product in funds that offer debt instruments (Debt Funds) and funds that offer bold debt instruments (Venture Debt Funds), and the fund will continue its focus on providing bold debt instruments for startups and fast-growing small and medium enterprises in several sectors.
The investment agreement was signed by the CEO and member of the board of Directors of SVC, Dr. Nabil bin Abdulkader kushk, and the president of the Europe, Middle East and Africa Region, Managing Director of PFG Armi baghumyan, in the presence of the acting CEO of the Enterprise Bank Abdulrahman bin Mohammed bin Mansour.
Dr. kushk explained that the doubling of investment in the bold debt fund with PFG comes as a result of the growing demand for bold debt instruments by Saudi startups, and in implementation of the company's strategy to launch a product (investing in bold debt funds) in order to fill the financing gaps in the bold investment system, especially after the support of the SME Bank recently, represented in increasing the investment allocation, to bring the total investment volume of the company to 1.5 billion dollars .
"Bold investment activity has increased in Saudi Arabia and across the region, however, access to debt instruments remains more difficult for startups and growth companies, and we are pleased to increase the availability of financing through the launch of various debt instrument products and look forward to continuing to support the dynamic entrepreneurship ecosystem,"baghumyan said.
It is noteworthy that SVC is a government investment company established in 2018 and affiliated to the small and medium enterprises bank, one of the development banks affiliated to the National Development Fund.the company aims to stimulate and sustain the financing of startups and SMEs from the pre-establishment stage to the pre-IPO by investing in funds and investing with participation in startups by investing 1.6 million US dollars. The number of funds in which the company has invested reached 38 investment funds, as well as the number of startups and SMEs invested in 674 companies through 1257 transactions.