Riyad Capital, a wholly-owned subsidiary of Riyad Bank, announced the launch of 1957 Ventures, an investment vehicle dedicated to investing in fintech startups in Saudi Arabia. The announcement was made in a statement on Monday.
1957 Ventures is the second venture capital fund established by Riyad Capital, following the Riyad Taqnia Fund (RTF) founded in 2016. RTF has invested in a range of companies, including Foodics, Trukker, Beehive, and Souqalmal, focusing on seed to Series B stage investments. However, Riyad Capital has not yet disclosed the specific stages at which 1957 Ventures will invest.
The firm emphasized that the launch of the new fund underscores Riyad Capital and Riyad Bank’s strategic commitment to advancing Saudi Arabia’s digital transformation. “This initiative directly supports the development of a robust financial sector, promoting innovation and competitiveness within Saudi Arabia,” the statement read.
Nadir Al-Koraya, CEO of Riyad Bank, commented on the launch, stating, “The 1957 Ventures fund demonstrates Riyad Bank’s unwavering commitment to driving fintech innovation and digital transformation. This fund builds upon our track record of supporting cutting-edge initiatives in this pivotal sector. By empowering startups and entrepreneurs, we fuel Saudi Arabia’s economic growth and diversification, aligning with the bold ambitions of Vision 2030. While proud of our past impact, we recognize the vast potential still ahead and are dedicated to fostering sustainable growth.”
Dr. Abdullah Alshwer, CEO of Riyad Capital, echoed these sentiments, saying, “The 1957 Ventures fund embodies a forward-thinking financial vision aligned with the Kingdom’s ambitious digital transformation goals. This fund signifies a strategic investment in the future of Saudi fintech.”
The launch of 1957 Ventures comes at a time when Riyad Capital is exploring an initial public offering (IPO) on the Tadawul stock exchange.