Food and retail start-ups can look to another source of funding with new Savola VC arm
Savola Group has started a venture capital arm, adding to Saudi Arabia's rapidly increasing investments in start-ups.
There has been an intensification of venture capital investments from Saudi corporates and government-backed firms in the last few years, with data platform Magnitt estimating that start-up funding there jumped from $67 million in 2019 to $152 million last year.
The acceleration of the start-up and VC scene follows government efforts to boost entrepreneurship especially since the April 2016 launch of Vision 2030, the Kingdom's overarching roadmap to diversify its economy away from its dependence on hydrocarbons.
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