STV, the Saudi Arabia-based venture capital firm originally set up by Saudi Telecom, is considering raising a second fund sized at a minimum of $500m, Bloomberg has reported.
Abdulrahman Tarabzouni, chief executive of STV, told Bloomberg: “I definitely see a path to a second fund that is equal or larger to the $500m fund we have today.”
Ride hailing service Uber bought STV portfolio company Careem Networks in March this year for $3.1bn, while retailer Amazon purchased Dubai-based online retailer Souq.com in 2017 from STV.
The firm’s other portfolio companies include e-commerce firm Mrsool and education app Noon Academy.
