Impact Seed, a Fund based out of Riyadh, Saudi Arabia and managed by Impact46 have been selected to join Draper Venture Network’s DVN Beta Program. Marking Impact46 to be the first Saudi Fund to join the exclusive network.
Impact46 launched its Seed fund mid 2019, led by a well-rounded team who have witnessed and contributed to the entrepreneurial ecosystem in Saudi Arabia since its early inception. The team has collective experience ranging from angel and institutional investing, to mentoring startups through local incubators and accelerators programs, and finally having their own entrepreneurial endeavours and starting their own businesses.
As a member of this network, Impact Seed Fund along with its portfolio companies gain exposure to a global entrepreneurial scene and a unique access to venture funds, expertise, and corporate connections. “Joining DVN is a natural succession of our investment thesis, we believe that the change Saudi is witnessing will inspire the next generation of founders and the Draper Network will empower them with access to global best practices, potential funding, and exit opportunities” added Abdulaziz Alomran, Partner at Impact46.
“We are thrilled to be welcoming Impact Seed to our DVN Beta program,” said Tim Draper, Founder of the Draper Venture Network. “They are a fantastic team, and a testament to the level and quality of entrepreneurial activity in Saudi Arabia and the wider region.” Gabe Turner, DVN’s Executive Director added: “We are confident that Impact Seed will be great partners for our Network. We knew the team from their involvement in our Draper University, but to see the progress they have made in building the local Saudi ecosystem has been truly impressive. The access and contacts that DVN provides will only amplify their efforts.”
Impact Seed Fund seeks to play the role of a catalyst by backing early stage tech startups and prepare them for the next wave of growth. Investing in tech based MENA startups (sector agnostic) with a higher focus on the Saudi market and a higher allocation on Fintech, Marketplace, and On-demand models. Since the Fund’s inception and over the course of 6 months operating, Impact Seed Fund has invested in 5 companies so far. Portfolio companies include: Speero, the Chefz, and Raqamyah to name a few.
Draper Venture Network (DVN) formed by well-renowned venture capitalist Tim Draper, is an alliance of independent venture capital funds located in tech hubs across the globe. This robust collective brings together experienced investors and innovative entrepreneurs from across sectors and continents to share intelligence, source opportunities, and create greater value through cooperation. The network currently consists of 24 VC funds operating in more than 60 cities globally with more than 900 portfolio companies and collectively managing $2 billion in assets under management. The DVN Beta Program, Specifically, focuses on supporting high potential VCs, and acts as a global alliance of independent venture capital firms to cooperate on investment diligence, market intelligence, investor relationships, corporate relationships, and co-investments.
