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Aramcoâs Waâed signs agreement with Falak Investment Hub to increase Saudi startup funding
Saudi Arabia-based Falak Investment Hub has signed a memorandum of understanding (MoU) with Wa’ed, the entrepreneurship arm of Aramco, to increase venture capital investment for early and growth stage Saudi startups.
This marks the fifth alliance by Wa’ed with a startup since December of last year, following previous cooperations with Oqal, Taiba Valley Companies, and Namaa Almunawara among others.
The collaboration will also leverage Falak’s acceleration programme, angel network and entrepreneurial bootcamps.
Founded in 2018 by Adwa Aldakheel, Falak offers VC investments as well investment-backed accelerator programme, and is claimed to have generated SAR550 million ($147 million) for the 17 startups in its portfolio.
March 02, 2021
Wa’ed, the entrepreneurship arm of Aramco, and Taibah Valley Company, one of Saudi Arabia’s leading hubs for blockchain and artificial intelligence development, signed a memorandum of understanding to boost support for start-up firms.
RIYADH Wa’ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with Taibah Valley Company, an emerging Saudi hub for artificial intelligence (AI), Internet of Things (IoT), and blockchain development, to support start-ups in Madinah.
The collaboration was signed in a virtual ceremony by Wassim Basrawi, Wa’ed managing director, and Dr. Jaber Faraj Almutairi, chief executive officer of Taibah Valley Company (TVC). Under the agreement, Wa’ed’s venture capital fund, Wa’ed Ventures, will screen TVC start-ups for potential incubation and investment.