A Chinese venture capital firm, MSA Capital, is set to raise $1 billion to support technology startups in the Middle East. The firm, backed by Saudi Arabia’s Public Investment Fund through its unit Jada Fund of Funds, aims to focus on funding pre-IPO rounds and taking the startups public. If successful, MSA Capital will become the largest venture capital firm dedicated to the Middle East. Saudi Technology Ventures would be in second place. The rise of Saudi Arabia as a dominant player in the venture capital space is evident, as the country’s startups raised $1.4 billion in 2023, surpassing the UAE for the first time. This accomplishment is largely attributed to government-backed funds that have increased investment. MSA Capital has already invested in several companies, including Tabby, a buy-now-pay-later firm, as well as tech giants Airbnb and Uber. Public Investment Fund’s involvement in MSA Capital’s funds further underscores its commitment to boosting the venture capital landscape and fostering entrepreneurship to diversify the economy and generate employment opportunities.
Chinese-Saudi Venture Capital Firm to Raise $1B for Middle East Tech Startups, Saudi Arabia
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