Jada, the Saudi fund of funds, by Public Investment Fund, has invested in the second fund of Seedra Ventures, a local fund manager that invests in startups across the Middle East & North Africa. The fund completed its first close in the second quarter earlier this year. The size of the commitment by Jada was not disclosed.
Seedra has previously invested in companies like Tamara, Classera, ZenHr, and Zid. Its second fund is sector-agnostic and invests in pre-seed to Series A startups, across the region.
Haitham Alforaih, Founding Partner & CEO of Seedra Ventures, said, “We are grateful for Jada’s trust and commitment to the entrepreneurial ecosystem in the Kingdom. Together, we will continue to support entrepreneurs who are shaping the future of the Kingdom, advancing its position as the regional hub for technological advancements through groundbreaking innovations and transformative business models.”
Bandr Alhomaly, Managing Director and CEO of Jada, said, “Our commitment to SEEDRA Ventures Fund II underscores our focus on enabling early-stage businesses that contribute to the Kingdom’s economic transformation in alignment with Vision 2030.”
Jada, according to its website, has so far made investments in 39 venture capital and private equity funds, deploying close to $300 million in total capital to date.
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