stc announced today the launch of its corporate venture capital fund (CIF). The Fund aims to invest in early stages startups in various domains including fintech, cybersecurity, artificial intelligence, digital games, the Internet of Things, blockchain, and other promising areas.
The CIF will make strategic investments to accelerate growth, enhance innovation and support the Saudi Vision 2030 in terms of economic diversification through tapping into new sectors and supporting stc’s strategy-related entrepreneurs and startups at the local, regional, and international levels. The fund will also explore new technologies and business models in digital sectors. It will also predict new areas in the communication industry, which would have a positive impact on the stc business.
Read more: stc is the most valuable telecom brand in the Middle East
“The launch of this fund is in line with stc Group’s strategy and our aspirations to work at an accelerated pace to contribute to the diversification and growth of the digital economy. Through CIF, we seek to enable distinguished entrepreneurs and startups to grow and expand at the local and regional levels and benefit from global investment opportunities,” Eng. Olayan Alwetaid, the stc Group CEO, commented.
“stc will not only provide the targeted startups with financial support and investment but will also will link the startups with Group’s services. This is to help those startups to grow and benefit from the stc Group digital ecosystem in several areas, such as cloud services, cybersecurity, and several other services, focusing on the strategic dimension and the return on investment”, he added.
Motaz Alangari, Group Chief Investment Officer, also pointed out that the CIF reflects the stc directions for investing in startups that adopt new technologies and digital business models that cover 9 different industries. “The launch of this fund is a continuation of the stc’s distinguished journey in supporting startups that play an important role in developing Kingodm’s digital economy. This fund will allow stc to tap into increasingly emergent and cutting-edge areas at the local and international levels and invest in transformative products that align with our group’s strategy”, he added.
The current entrepreneurship ecosystem is witnessing many entrepreneurial ventures, innovations, and business models with favorable investment opportunities emerging at the local and regional levels. The launch of the CIF is a continuation of the company’s role and efforts in supporting entrepreneurs and digital startups through several initiatives and investments, such as launching the inspireU program, which incubated and supported 92 startups through 9 intakes with a market value exceeding $2.6B. Also launching the STV fund and stc venture fund, which have made investments in several successful businesses across the region, which has contributed to achieving economic diversification and growth during the last years and supports the KSA Vision 2030.
For more on stc, click here
