Riyadh - Sharikat Mubasher: Sanabil Venture Studio launched four startups on its first anniversary as part of its commitment to serving and developing the startup ecosystem in Saudi Arabia, a recent statement revealed.

Created and managed by Sanabil Investment and Stryber, Sanabil Venture Studio started operations in 2023 with $14 million of deployed capital, some of which went towards funding the first four startups.

The Venture Studio initially focused on three sectors within the Strategic Pillar program of the Public Investment Fund (PIF): fintech, consumer goods, and tourism and leisure.

An entrepreneurial team of over 50 people, including venture architects, product managers, designers, and software engineers, are working on the Studio's different startups and prototypes.

A spokesperson at Sanabil Investment stated that the Venture Studio will participate in providing the initial funding for founders, along with building early-stage ventures.

For his part, Julian Ritter, Partner at Stryber, said: “The Sanabil Venture Studio welcomes engagement from local and regional entrepreneurs and venture capital funds, seeking to make a positive impact across key sectors in Saudi by building, leading, and investing in successful startups.”

Sanabil Investment, wholly owned by the PIF, is a financial investment company that commits approximately $3 billion in capital per annum in private investments that include venture, growth capital, and small buyouts.

Stryber, headquartered in Switzerland, is a strategic growth advisory and venture builder that aims to find the right innovation to successfully digitalize business models and create sustainable growth.