Tim Draper, a prominent Silicon Valley venture capitalist, has signed an agreement with Saudi Venture Capital Company to create a fund to help finance small and medium-sized enterprises (SMEs).
The memorandum of understanding stipulates the establishment of a venture capital investment fund to finance SMEs in the fields of health, education, agriculture, finance, and energy.
Draper is the founder of Draper Associates, DFJ, and the Draper Venture Network, a global network of venture capital funds.
The firms’ investments include Baidu, Skype, Hotmail, Tesla, and SpaceX, according to his official website which also says he is a leading spokesperson for Bitcoin, Blockchain and cryptocurrencies.
He is also credited with creating viral marketing, a marketing method for exponentially spreading an electronic service from customer to customer, that was instrumental to the successes of Hotmail, Skype, and other applications.
The Saudi Venture Capital Investment Company was founded to contribute to the growth and diversification of Saudi Arabia's economy, in addition to supporting SMEs and encouraging entrepreneurs to explore new fields.
The signing took place on the sidelines of Draper's visit to Riyadh, where he attended a number of important panel discussions.
Mohammed Al Malki, CEO of the Saudi Venture Capital Company, said Draper is considered one of the most important businessmen and investors in venture capital, blockchain and financial technologies in Silicon Valley.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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