Saudi Venture Capital invests $10m in Afiyah Fund

Saudi Venture Capital (SVC) has invested $10m in TVM Capital Healthcare’s Afiyah Fund to invest in innovative companies in the healthcare sector in Saudi Arabia, according to a report published by the Saudi Press Agency.

TVM Capital Healthcare is a specialised healthcare expansion and growth capital private equity firm, operating out of Riyadh and Dubai for the Middle East, as well as Singapore for the Southeast Asia region.

The CEO of the SME Bank, Mazin Alghunaim, said that SVC’s mandate is to develop the VC and PE ecosystems in the kingdom, and to increase investment opportunities in startups and SMEs, thus supporting their success rate and continuous growth to successfully contribute towards achieving the Saudi Vision 2030.

CEO and board member at SVC, Dr Nabeel Koshak said: “The investment in TVM Capital Healthcare’s Afiyah Fund is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors, such as healthcare.”

Chairman and CEO at TVM Capital Healthcare Dr Helmut Schuehsler commented: “We are raising this fund to finance innovative healthcare companies in the country and selectively bring highly innovative foreign companies into the kingdom.”