The Saudi Venture Capital (SVC) has struck an investment deal with Propellers Ventures Fund, a Jordan-based fund which focuses on early-stage investments in startups.
The details of the investment deal, however, were not available immediately.
The Amman-based Propellers Ventures Fund focuses on investments mainly in software startups in their first stages such as SaaS services, company software and cloud infrastructure.
The investment agreement was signed by SVC chief executive officer board member Dr. Nabeel Koshak and Propellers Venture managing partner Tambi Jalouqa.
Dr. Koshak said the investment deal with Propellers Ventures was part of SVCs plans to invest in funds, besides its strategy on stimulating and sustaining funds for startups, mainly those in their first stages.
He said Saudi Arabia was witnessing an unprecedented growth in the volume and quality of startups deals as a result of having several innovative business entrepreneurs, capital venture funds, angel investor groups.
The developed organisational and legislative environment in the country also helps the expansion of the startup sector, he said.
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