Falak & Wa'ed Sign MoU to Fund More Saudi Startups Through VC Deals cairoscene.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cairoscene.com Daily Mail and Mail on Sunday newspapers.
Aramcoâs Waâed signs agreement with Falak Investment Hub to increase Saudi startup funding
Saudi Arabia-based Falak Investment Hub has signed a memorandum of understanding (MoU) with Wa’ed, the entrepreneurship arm of Aramco, to increase venture capital investment for early and growth stage Saudi startups.
This marks the fifth alliance by Wa’ed with a startup since December of last year, following previous cooperations with Oqal, Taiba Valley Companies, and Namaa Almunawara among others.
The collaboration will also leverage Falak’s acceleration programme, angel network and entrepreneurial bootcamps.
Founded in 2018 by Adwa Aldakheel, Falak offers VC investments as well investment-backed accelerator programme, and is claimed to have generated SAR550 million ($147 million) for the 17 startups in its portfolio.