- Plug and Play’s commitment to maintaining high standards will not waver: CEO
CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported.
The venture capital firm is in discussions with Jada, a $1 billion fund of funds established by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, to collaborate on this initiative, Saeed Amidi, Plug and Play’s founder and CEO, stated.
The fund is expected to launch in January, with Plug and Play contributing up to 10 percent of the total amount, while the remainder will be raised from Saudi funds and family offices.
Amidi emphasized that Plug and Play’s decision to establish the fund stems from the improved quality of Saudi startups in recent years.
He added that the firm’s commitment to maintaining high standards would not waver, regardless of the location.
Saudi Arabia is actively promoting entrepreneurship and the venture capital industry as part of its efforts to diversify its oil-dependent economy and generate employment opportunities within the private sector.
Jada, for instance, previously supported a $50 million Middle East fund managed by Hambro Perks Ltd. in 2021.
