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Riyadh-based telecommunications network provider Saudi Telecom Company (STC Group) has launched a corporate venture capital firm.
The new unit, called Tali Ventures, will invest in AI, fintech, proptech and IT sectors including IoT and cybersecurity. It will focus on early to growth-stage startups to nurture entrepreneurial talent and advance initiatives in the digital ecosystem.
Tali Ventures has already invested in startups such as Nile, Rewaa and NearPay.
Founded in 1998, STC Group has invested in a total of 24 startups including Medicarru and MachinesTalks. The corporation also acquired a 9.9% stake in Telefónica worth $2.25bn in 2023.