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BIAC, VentureSouq to launch startup funding initiative in Saudi Arabia

Arabian Business

The Business Incubators and Accelerators (BIAC) and pan-regional investment platform VentureSouq (VSQ) have teamed up to launch a new investment services vertical designed to bridge the funding gap of promising Saudi start-ups.

BIAC is a subsidiary of Saudi Technology Development and Investment Company (TAQNIA) that is wholly owned by the kingdom’s Public Investment Fund (PIF).

Under the agreement, BIAC’s investment team will play an important role in funding rounds being undertaken by high-growth Saudi companies with the ultimate aim of being an enable, thereby allowing multiple investors to come together as stakeholders.

Despite the ample availability of capital in Saudi Arabia, BIAC has identified funding access as an obstacle for technology companies based in, or focused on, Saudi Arabia.