RIYADH: Saudi Technology Ventures (STV), the venture capital arm of Saudi Telecom, took part in 30 percent of all start-up funding rounds in Saudi Arabia and 20 percent in the wider Middle East in recent years, its CEO said. STV, founded in 2017, invested in 12 funding rounds in Saudi Arabia and the Middle East during the past nine months, compared with seven rounds during the
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The UAE-based cyber security start-up spiderSilk has raised $2.25 million in a funding round led by Saudi Technology Ventures and Dubai-based Global Ventures.
The investment will help the company to grow its network of clients and expand its footprint across the Middle East and North Africa region, and establish a presence in North America, the company said. We are thrilled by the support we have received from all our partners and investors . they will be instrumental in bringing our vision to life, Rami El Malak, co-founder of the start-up, said.
Founded in 2019, spiderSilk previously raised $500,000 of seed capital in a round led by Global Ventures last year.
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Trukker, a UAE start-up that provides an Uber-like service for trucks, is preparing for a potential listing as it aims to raise fresh funds to propel regional growth, its founder said.
“In a few years, maybe sooner than we expect, a listing on the Saudi Tadawul is likely,” Gaurav Biswas, the company’s founder and chief executive, told
The National.
“Trukker has most of the top regional and international funds as investors and we are working towards a strong equity raise in H1 2021 … to further concrete our regional dominance and expand into other markets, added Mr Biswas, who did not disclose further details related to the potential listing.