Saudi Arabia’s venture capital firm STV introduces NICE Fund I, a $100 million initiative designed to support tech startups without requiring equity exchange. This fund utilizes a Shariah-compliant financing model, allowing startups to repay based on revenue milestones, aligning with Islamic finance principles.
Backed by SAB Invest’s Alternative Financing Fund, the National Technology Development Program (NTDP), and regional family offices, the fund targets high-potential sectors such as fintech and logistics. The goal is to provide non-dilutive capital to early- and growth-stage technology ventures, addressing a significant funding gap in the region.
This initiative reflects Saudi Arabia’s commitment to fostering innovation through strategic public-private partnerships, contributing to the Kingdom’s Vision 2030 objectives. By offering flexible, revenue-based repayment options, the fund aims to attract a broader range of investors and support the growth of the tech ecosystem in the region.
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