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Alibaba and PIF-backed fund targeting $1bn for tech startup investments

eWTP Arabia Capital, a venture capital fund backed by China’s Alibaba Group and Saudi Arabia’s Public Investment Fund, is aiming to raise $1 billion to invest in tech startups in China, India, Southeast Asia, and MENA, according to a report by Bloomberg.

eWTP Arabia Capital, a venture capital fund backed by China’s Alibaba Group and Saudi Arabia’s Public Investment Fund (PIF), is aiming to raise $1 billion to invest in tech startups in China, India, Southeast Asia, and MENA, according to a report by Bloomberg.

Founded in 2019, eWTP Arabia Capital has reportedly already raised $400 million and invested in 16 companies to date. In an interview with Bloomberg, founding partner Jerry Li said that five of the fund’s portfolio companies are being considered for IPOs on either the Saudi stock exchange or in the US. 

According to the Bloomberg report, eWTP Arabia Capital is planning to raise new funding every two years to fund a large pipeline of potential deals. 

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