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RIYADH: The Saudi Venture Capital Co. has invested in over 30 funds that have backed more than 570 startups in the Kingdom since its inception, the CEO Nabeel Koshak has revealed. 

While speaking at the Next World Forum in Riyadh on Sept. 7, Koshak said the company was established during the fourth quarter of 2018 to stimulate venture investment in Saudi Arabia and across the Middle East and North Africa region. 

“We witnessed actually the last year two sectorial focus funds that will be backed on fintech and health-tech,” Koshak said. 

“The time is prime to explore also, backing the backers, VC funds and angel investors investing in this evolving and emerging sector which is esports and gaming,” he added. 

The CEO said the company received a couple of notifications from local, regional and international funds that they want to invest in gaming and esports in Saudi Arabia and across the MENA region. 

“And I think we are now untapping the potential of these investments to happen more and more with an organic natural growth of the sector specifically,” he added. 

The Next World Forum – Gaming & Esports Unleashed is hosted by the Saudi Esports Federation. The forum brings together a host of speakers from across the gaming and esports industries, along with featuring a series of activations, bilateral meetings, and investment opportunities. 

In January, a report from Boston Consulting Group predicted that Saudi Arabia is expected to take a leading role in the gaming and esports industry as consumption is projected to reach $6.8 billion by 2030, up from $959 million in 2020. 

The report expected an average annual compounded growth rate of 22 percent for the Saudi gaming consumption. 

On Tuesday, the Saudi Venture Capital Co. invested in Jordan-based venture capital firm Propeller — which specializes in funding early stage software-as-a-service, enterprise software and cloud infrastructure startups.

The move comes within the company’s program to invest in funds and stimulating startups, especially in their early stages, Saudi Press Agency reported.

The value of investment was not specified.