910ths launches SR 1.5B VC Fund

Press Release (ePRNews.com) - RIYADH, Saudi Arabia - Aug 04, 2016 - HRDF and Takamol signed the first agreement under the Musharakah program with Bluevine Management (a Venture Capital firm Based in Silicon Valley). This is the first fund to sign with Takamol under Musharakah program, which Takamol launched with support from HRDF in January 2015 to promote venture capital and private equity in Saudi Arabia. Musharakah was developed by HRDF in collaboration with Takamol Holding to offer up to SAR 1.5 billion of guarantees to banks which provide loan facilities to venture capital and private equity investors and fund manager targeting SMEs.  The objective of the Musharakah program is to promote the development of venture capital and private equity, which in turn will serve as an engine for creating jobs and fuel the growth of the private sector to help diversify the Saudi economy. The program is designed in an innovative way and harnesses the power of partnerships between the public and private sectors to tackle challenging developmental objectives such as job creation for Saudi youth. Takamol received applications from 14 funds, out of which 7 were selected to participate and 5 completed due diligence successfully.

Blue Vine Management is a technology focused venture capital fund manager from Silicon Valley, California which established an investment company in Saudi Arabia to “spin in” proven and established technologies into Saudi Arabia. Blue Vine’s fund size is SAR 600 million, of which SAR 300 million will come from a facility provided by Banque Saudi Fransi and guaranteed by Takamol under HRDF’s Musharakah program and the other SAR 300 million will come from private and institutional investors.  Blue Vine’s primary focus will be high tech manufacturing, sales and distribution and is expected to create more than 5,000 jobs over the life of the fund.

For more information please visit http://910ths.sa

Source : 910ths
Business Info :
Takamol Holding

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