Saudi’s STV said to plan second $500 mln fund

Saudi-based venture capital firm, Saudi Technology Ventures (STV), is planning to raise a second fund of at least $500 million, Bloomberg reported, citing CEO Abdulrahman Tarabzouni.

“I definitely see a path to a second fund that is equal or larger to the $500 million fund we have today,” he said.

STV, which started operations in 2017 with funding from Saudi Telecom Co., has already backed companies including Careem, Mrsool and Noon Academy.