IMPACT46 launches SAR 500 mln Fund to Invest in Tech Startups Across Saudi Arabia, MENA

Logo of IMPACT46

IMPACT46 announced today, Feb. 7, launching its SAR 500 million fund to invest in tech startups across Saudi Arabia and the MENA region.

This is the third and largest fund by IMPACT46. Through its funds, IMPACT46 aims to localize proven technologies to support local solutions. This is in line with Saudi Vision 2030 which aims to develop the national economy and diversify the Kingdom’s sources of income.

The new fund aims to invest in tech startups in various fields, mainly fintech, e-commerce, and SaaS. The fund will focus on investing in Saudi startups, along with other promising startups across the MENA region.

Abdulaziz Alomran, CEO of IMPACT46, said the fund will continue to support ambitious entrepreneurs in the Kingdom and MENA by providing them with required capital.

There are many promising opportunities in the Kingdom to build businesses that develop innovative solutions, Alomran stressed. He added that IMPACT46 sees strong investor appetite for investment for its fund due to strong historical performance and investor confidence. 

The newly-established fund builds on the success of the previous series of funds. The company first fund, The Seed Fund, which was launched in 2019, recorded 3.6x return on its investments, the growth fund  was established in 2021 and generated 1.9x return on its investments.

The company launched several funds, through which it invested in 33 tech startups in early and growth stages. Saudi startups represent the majority of fund investments. 

IMPACT46 cited its investment in Jahez in 2020, when it acquired 40% of its shares. Jahez was listed in the Saudi Stock Exchange in December 2021 as the first Saudi tech startup, from which investors generated returns of 22x from the original investment amount, based on the listing price. The total value of assets under management (AUMs) for IMPACT46 reached SAR 4.9 billion in 2021.