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Despite Saudi Arabia’s track record of human rights violations, some investors are preparing to invest in startups in the country.
General Catalyst plans to invest in Lean Technology, a fintech startup based in Saudi Arabia, marking the company’s first investment in the Middle Eastern country. Information reported.
Other Saudi startups recently backed by US-based investors include lending platform Tamara, which last year received capital from Quato Management.
Although not a direct investment, a16z-backed Flow, a co-living startup founded by Adam Neumann, has opened a residential complex in the Saudi capital, Riyadh.
Sanabel Investment Company, the investment arm of the Saudi Public Investment Fund, did this Supporting a number of venture capital firms in the United States According to its website, the companies include a16z, Craft Ventures, and Insight Partners, with the stated goal that these companies will invest in Middle Eastern startups in return.
General Catalyst is not among the list of venture capital firms that PIF lists as backing it on its website.
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