Saudi Arabia is intensifying its presence in Africa's startup scene through a series of new investment commitments, the latest being a 250 million fund launched by the Mara Group at the 2024 Future Investment Initiative FII in Riyadh.
Developed in partnership with Startupbootcamp and Blend Financial Services, the fund targets growth-stage African startups and pre-IPO financing, focusing on key markets such as South Africa, Nigeria, Kenya, Cte d'Ivoire, and Egypt - regions that continue to attract the majority of venture capital on the continent.
A Strategic Investment Shift from RiyadhThe launch reflects Saudi Arabia's evolving investment strategy, one increasingly directed toward emerging-market innovation rather than traditional extractive sectors. The initiative aligns with the Kingdom's Vision 2030, which prioritises global economic diversification and technology-driven growth.