MIS, Saudi Fransi Capital sign MoU to launch SAR 150 mln VC fund

09/08/2021 Argaam

Logo of MIS

Al Moammar Information Systems Co. (MIS) signed today, Aug. 9, a memorandum of understanding (MoU) with Saudi Fransi Capital to establish a private investment fund with an initial target size of SAR 150 million, according to a bourse filing.

 

The fund will invest in venture capital opportunities in the technology sector, primarily in the Kingdom. It will target investments in concepts and ideas that promise significant technological innovation, whether it’s a disruptive force in conventional industries or addressing new demands and requirements of the digital economy.

 

The fund will have a broad sector focus and pursue investments in areas such as software, digital services, systems and security, consumer services and healthcare technology.

 

Furthermore, the fund will be established as a private investment fund in the Kingdom under the Investment Funds Regulations of the Capital Market Authority (CMA).

 

MIS intends to setup, either as an internal division or as a separate subsidiary, a business incubator and an innovation lab (MIS Lab) with the primary objective of screening, identifying and developing start-ups in the technology space, with a focus on disruptive and innovative technologies.

 

MIS will ensure that MIS Lab is setup according to global best practices and adequately funded and staffed to be able to carry out its duties and objectives. MIS Lab will have a dual focus of both developing and harnessing technology start-ups that are conceptualized internally from MIS as well as providing an effective and world-class platform to foster independent entrepreneurs and innovators from across the Kingdom and the surrounding region

The fund intends to appoint MIS Lab as its exclusive investment advisor and innovation partner, and the primary responsibility will be to research, source and advise the fund on acquisition of stakes in companies that are consistent with the fund's investment objectives.

 

The MoU will be valid for 180 working days, effective as of today.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read