A Saudi tech fund aims to raise $ 1 billion … the largest in the region

STV, a company of venture capital founded by former Google Middle East CEO Abd al-Rahman Trabzoni, is looking to raise at least $ 1 billion for its second tech investment fund in Middle East, making it the largest fund of its kind in the region, according to “Bloomberg”.

The company, founded in 2017 with $ 500 million for its first fully funded STC fund, has engaged in talks with other potential lenders, including Middle Eastern sovereign wealth funds, international pension funds and philanthropic funds.

Tarabzouni holds a degree in computer science at the Massachusetts Institute of Technology and worked at Morgan Stanley and Oracle before becoming head of Google’s Arab startup division in 2009. He then held various roles at the search giant before leaving Silicon Valley to lead the launch of STV.

This is because the interest in the technology industry in Middle East has increased in recent years As governments try to diversify their energy-dependent economies.

Investors have also increased interest in deals such as the $ 3.1 billion sale of Careem to Uber in 2019. The pandemic has also accelerated the transformation. online of many companies in a region that has a large tech-savvy youth population but has been slower to embrace e-commerce.

Since its launch, STV has supported several tech companies that have quickly become prominent. He was one of the first investors in Careem and also invested in the Unifonic communications platform, which received $ 125 million led by SoftBank Group’s Vision II Fund last September.

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