Accelerating innovation
Submit your project

Iris Capital manages STC Ventures, the newly-established Saudi Telecom Group venture fund

November 21, 2011

STC Ventures, the venture capital fund which specializes in start up, small, and medium sized companies operating in the field of IT and telecoms in the Saudi and Middle East markets as well as other international markets. STC Group will invest an initial amount of $50 million that is self financed making it the only investor in the fund at this stage. Other local and international companies will be invited to invest in this fund at a later stage.
Following the signing of the agreement, Eng Saud bin Majed Al Daweesh, STC Group CEO explained “The establishment of this Fund comes as part of the Kingdom’s strategic direction and its drive to transform to a knowledge-based economy by enriching the spirit of both initiative and innovation.” He added that this investment is an affirmation of the Group’s belief in the various opportunities available in this field as well as being a logical step for the Group to have first hand access in new technologies and modern services and enter into new partnerships to diversify its revenue base in regional markets. Doing so will maintain its market leadership in the telecommunications sector regionally.
STC Group CEO highlighted that an agreement has been made with one of the leading venture capital companies which is Iris Capital following a series of evaluations targeting global venture capital companies. “We are very proud to have been selected by STC as fund manager. STC Ventures creates the leading VC player in IT and communication in the Middle-East region.
This represents a unique opportunity to be at the forefront of venture capital development in a very dynamic and fast growing region.” comments Antoine Garrigues, Managing Partner of Iris Capital.