Saudi-based venture capital firm, Saudi Technology Ventures (STV), is planning to raise a second fund of at least $500 million, Bloomberg reported, citing CEO Abdulrahman Tarabzouni.

 

“I definitely see a path to a second fund that is equal or larger to the $500 million fund we have today,” he said.

 

STV, which started operations in 2017 with funding from Saudi Telecom Co., has already backed companies including Careem, Mrsool and Noon Academy.

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