Riyadh - Sharikat Mubasher: Saudi Venture Capital (SVC) invested $30 million in Olive Rock Partners Fund I which will invest in mid-market buyouts that are geographically advantaged and technologically enabled, the company announced in a statement.

The agreement was signed by Nabeel Koshak, CEO of SVC, and Muhannad Qubbaj, Founding Partner of Olive Rock Partners, in a ceremony attended by several senior officials at both companies.

SVC aims to stimulate and sustain financing for startups and small and medium-sized enterprises (SMEs) from pre-seed to pre-IPO through investment in funds and direct investment in startups and SMEs.

Koshak stated that this investment came as part of SVC’s Investment in Funds Program which is a continuation of the company's series of investments and an implementation of its strategy to develop financing for startups and SMEs, especially in strategic sectors.

Meanwhile, Qubbaj said: "We thank SVC for the investment and trust extended and are excited about the fruitful partnership that is being forged ahead between both parties. We also would like to emphasize the aligned conviction that private equity partnerships in the Kingdom of Saudi Arabia will increasingly become a key factor in fuelling the growth of the SME space and in fostering the expansion and development in the overall direct investment landscape."

Olive Rock Partners (Olive Rock) is an independent private equity firm that focuses on strategically and tactically capitalizing on the evolving investment landscape in the Middle East and the GCC region.