“IMPACT46” announced its new SAR 500 million fund to invest in technology startups in Saudi Arabia and the MENA region. The Fund is the third and largest fund by IMPACT46. Through its funds, IMPACT46 aims to localize proven technologies to support local solutions. This is in line with Saudi Vision 2030 which aims to develop the national economy and diversify the Kingdom’s sources of income.
The Fund seeks to invest in tech startups in different areas, mainly: fintech, e-commerce and SaaS. The Fund focuses on investing in Saudi startups with the potential to invest in promising startups from the MENA.
Abdulaziz Alomran, CEO of IMPACT46, said the fund will continue to support ambitious entrepreneurs in the Kingdom and MENA by providing them with required capital. There are many promising opportunities in the Kingdom to build businesses that develop innovative solutions, Alomran stressed. He added that IMPACT46 sees strong investor appetite for investment for its fund due to strong historical performance and investor confidence.
The newly-established fund builds on the success of the previous IMPACT46’s funds. The company’s first fund, The Seed Fund, which was launched in 2019, recorded 3.6x return on its investments, the growth fund was established in 2021 and generated 1.9x return on its investments.