Jada Fund of Funds, a subsidiary of the Public Investment Fund, said it has committed to investing in the Saudi Investcorp Growth Fund ahead of the IPO, with a target value of $500 million.
Interestingly, the “Investcorp Saudi Growth Fund” was established last year and has conducted a round $100M Financing Approval Ahead of IPO of ‘TruKKer’, Largest Digital Shipping Network in Middle East and North Africa.
In March 2022, the Saudi Ministry of Investment and the Jada Fund Company, owned by the Public Investment Fund, launched the Saudi platform “Catalyse” to stimulate the innovation sector and startups, with the aim of diversifying the economy and strengthen the Kingdom’s position as a global investment destination.
Meaning what in in line with the Vision 2030 objectives of increasing the contribution of the innovation sector and startups to GDP from 21% to 35%.
It should be noted that the capital of the Jada company amounts to 4 billion riyals allocated for investments in funds of venture capital private equity in Saudi Arabia.