Riyadh Valley Company has invested in the STV total development platform

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Riyadh Valley Company (RVC), the investment wing of King Saud University, has invested in STV Venture Capital (VC) Fund’s Total Growth Platform. The amount of funding remains undisclosed.

STV is a leading technology VC firm in the Middle East and North Africa (MENA) region.

With new capital, RVC aims to develop local technology and innovation and commercialize innovation at universities and technology centers in the region.

He devised a strategy to invest in a balanced and diversified portfolio. This newly announced investment is a reflection of the same, he said in a press release Wamda. It is in line with the objectives of Saudi Vision 2030.

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The $150 million overall development platform was launched earlier this year at the LEAP 2023 technology conference.

Its aim is to accelerate the development of regional technology operations. The platform is expected to give founders access to a variety of funding solutions, equity and debt.

The growth of MENA venture capital funds will exceed $3 billion by 2022, the statement added.

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