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Venture capital firm (Saudi Technology Ventures) announced the launch of a comprehensive development platform under Saudi Arabia’s National Technology Development Program (NTDP).
With more than $150 million in initial commitments and growth, Total Growth aims to promote the region’s technology-backed companies through equity and debt funding.
The platform uses an all-inclusive suite of ‘funding tools’ to accelerate the development of MENA growth-stage startups.
The novel product Tanami is designed to act as a ‘non-Sharia-compliant venture debt instrument’, as shared in a press release. Wamda It is expected to play an important role in the MENA technology landscape and financial support companies in the next three years.
The platform was launched at the LEAP 2023 technology conference.
STV has an investment portfolio that includes 30 growth companies and is considered among the leading growth stage investors in the MENA region. In the year It was founded in 2018 by Abdurrahman Tarabzoni and has an estimated committed capital of $1 billion.
A report by STV in August last year indicated that the region is set to produce 45 unicorns worth an estimated $100 billion by 2030. The report also indicated that the region is set to see decacorns in the next seven years.
The technology event LEAP started on February 6, 2023 at Riyadh Front Expo Center, Saudi Arabia and ends today on February 9, 2023.
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