Since 2010 the King Abdullah University of Science and Technology has invested in more than 30 projects through its Seed Fund. These cash injections have provided the startups launching from the university with up to $200,000 each. Five years on, KAUST is looking to have an impact beyond KAUST and even outside the kingdom. And with this new vision comes a new fund.
“This approach is quite novel in academic institutions and is the first of its kind in Saudi Arabia,” said Nicola Bettio, (pictured right) manager of the recently launched Innovation Fund.
New fund, new vision
The Innovation Fund is intended to support startups working in solar energy, water treatment, new materials and petrochemicals, oil and gas, biotech and ICT.
According to Bettio, there is limited interest in start-ups in these industries in Saudi Arabia, where the VC arms of Mobily, Aramco and STC invest in organizations that are focused outside the technology space, like ecommerce and iOS apps.
The fund will provide seed and early stage investment of up to $2 million, and will co-invest with other funding parties. “We want to attract other venture and industrial investors sharing the same perspective,” Bettio said.
Original article by Reine Farhat
Continue reading at Wamda:
High-tech startups to get up to $2M from new Saudi fund
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