Plug and Play Tech Center, a Silicon Valley-based tech investor and early backer of firms including Dropbox Inc and PayPal Holdings Inc, is targeting a fundraise of $100 million for a new VC fund that will focus on investments in tech startups in Saudia Arabia, according to a report by Bloomberg.
Plug and Play Tech Center, a Silicon Valley-based tech investor and early backer of firms including Dropbox Inc and PayPal Holdings Inc, is targeting a fundraise of $100 million for a new VC fund that will focus on investments in tech startups in Saudia Arabia, according to a report by Bloomberg.
The report cites the firm’s founder and CEO Saeed Amidi as saying in a recent interview in Riyadh that the firm is in talks with Jada, a $1 billion fund of funds established by Saudi Arabia’s sovereign wealth.
According to Amidi, Plug and Play is aiming to contribute up to 10% of the fund’s total capital with the remainder coming from Saudi funds and family offices. The firm is targeting a January launch for the new vehicle, which will add to its existing portfolio of five funds which manage a combined $500 million.
