STV, a venture capital company birthed by ex-Google executive Abdulrahman Tarabzouni, is seeking to elevate a minimum of USD 1 billion for its subsequent Middle East technology investment fund. This endeavor will make STV’s fund the largest of its kind in the area, according to sources who reported to Bloomberg.
STV’s second Middle East tech investment fund
STV, which was birthed in 2017, has begun talks with prospectus backers, inclusive of international pension endowments and funds, and Middle Easters sovereign wealth funds, according to a report generated by Bloomberg.
Sources chose to remain anonymous as the particulars of the technology fund remain private.
The technology sector and its associated innovations have received significant attention from governments within the MENA region looking to emerge as versatile and stray away from their dependency on oil and investors who seek long-term investments.
Initial Public Offerings (IPOs) in the MENA region have also off late taken great importance with ADNOC Drilling arriving in the market as the biggest IPO on the Abu Dhabi Securities Exchange.
STV was the initial investor in Careem, a vehicle for hire company, and also invested in Unifonic, a communications portal, which begot USD 125 million investment in a round led by SoftBank Group’s Vision Fund 2 in September 2021, Bloomberg reported.
The firm abstained from commenting about the same.
STV is one of the biggest independent Venture Capital funds in MENA. The VC fund boasts a whopping USD 500 million in assets under management. The firm supports and expands the MENA area’s most exhilarating ventures.
The firm is affixed to MENA’s largest telecom operator, STC, with accessibility to its network, analytics, channels, customer base, etc., to allow the former’s portfolio consumers to expand in the region.