eWTP Arabia Capital, a venture capital fund backed by China’s Alibaba Group and Saudi Arabia’s Public Investment Fund (PIF), is aiming to raise $1 billion to invest in tech startups in China, India, Southeast Asia, and MENA, Bloomberg reported.
eWTP Arabia Capital has reportedly already raised $400 million and invested in 16 companies to date. In an interview with Bloomberg, founding partner Jerry Li said that five of the fund’s portfolio companies are being considered for IPOs on either the Saudi stock exchange or in the US.
Read more: UAE’s Hub71 continues mission to empower tech startups
eWTP Arabia Capital is planning to raise new funding every two years to fund a large pipeline of potential deals.
The company has invested in STAR & SEA Group, a one-stop offshore compliance service platform, Y.O.U, an international beauty brand from HEBE Beauty Group, MAKUKU, a provider of mommy and baby care products, and other companies.
In May 2022, eWTP Arabia Capital will launch the Saudi Cloud Computing Company (SCCC) in collaboration with STC Group, Alibaba Group, Saudi Company for Artificial Intelligence, and Saudi Information Technology Company.
On February 7, 2023, the Saudi Arabia-China Entrepreneur Association (SCEA) was established at the LEAP 2023 conference in Riyadh. SCEA is a non-profit organization supported by the Saudi Ministry of Communications and Information Technology and the Saudi Federation for Cybersecurity, Programming, and Drones.
For more on banking and finance news, click here.
