LEAP23 Tech Conference Announces 8 Promising Investment Funds Worth $646 Million

Tuesday 1444/7/16 - 2023/02/07
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Riyadh, February 07, 2023, SPA -- On Tuesday, the LEAP23 Conference announced the launch of 8 investment funds worth $646 Million. Together, these projects aim to make KSA a destination for innovation and digital entrepreneurship. This investment will support the growth of startups, and medium-sized enterprises, accelerate the E-gaming industry, ignite competition in R&D and innovation, and stimulate the ecosystem. The announcement of the eight funds was a culmination of the efforts of the Ministry of Communications and Information Technology.
The LEAP23 Conference was organized by MCIT in cooperation with the Saudi Federation for Cybersecurity, Programming & Drones and Tahaluf. The Ministry revealed the funds, starting with the first STV Company, an alternative finance Sharia-compliant fund, to enable $150 million in growth for tech companies. The IMPACT46 also announced the launch of a $133 million fund that targets tech startups in the Kingdom, The Middle East and North Africa region.
Among the eight launches is the MERAK Capital Direct Finance Studio, worth $53 million, which aims to support tech companies in the Kingdom. Followed by the announcement from the Saudi Investment Bank to allocate $40 million to launch an innovation incubator in finance. For its part, RAKIZA has launched a venture investment fund supported by a global business accelerator in Riyadh with a value of $25 million.
The announcements included the launch of a $100 million business development fund by BIM Ventures, which works through its company building studio to create innovative technology startups and financial sustainability in partnership with Al Saliman Group. This was followed by SHOROOQ Company launching its second fund to invest in developing companies in the Kingdom, along with launching another financial fund to accelerate E-gaming worth $115 million. PLANETARY Capital concluded the round of investment fund announcements with the first Saudi-Canadian fund to invest in local space technology startups worth $30 million.
19:45 LOCAL TIME 16:45 GMT