The second day of LEAP 2024 witnessed a significant injection of capital into the regional tech ecosystem, with over $848 million in new venture capital funding announced. This marks a major boost for the conference’s role as a catalyst for technological advancement, not just in Saudi Arabia but across the globe.
Leading the charge is InvestCorp, establishing a $500 million fund dedicated to nurturing Saudi companies in their growth stages. This initiative is further bolstered by a $35 million investment from the Saudi Venture Capital Co., showcasing a collaborative effort to propel domestic tech development.
Takamol Holding also joined the fray, launching its venture capital arm, Takamol Ventures, equipped with $53 million. This entity aims to empower early-stage technology companies specifically within the Middle East and African markets, fostering regional innovation and entrepreneurship.
Meanwhile, Oasis Capital unveiled their “Oasis Fund II,” a $100 million venture dedicated to supporting international tech founders in their early stages. This global focus broadens the impact of LEAP’s influence, fostering international collaboration and propelling technological progress on a wider scale.
Overall, these substantial investments highlight the growing importance of LEAP as a platform not just for showcasing technological advancements but also for actively fueling their growth and development, solidifying its position as a key driver of innovation in the global tech landscape.
