Quick take:
- Saudi Arabia’s sovereign wealth fund has revealed its investments in venture capital firms.
- According to a report published by The Information, the fund has invested in multiple Web3 VCs.
- The fund has invested in A16z, Polychain Capital, Griffin Gaming Partners and 500 Startups, among others.
Saudi Arabia’s sovereign wealth fund has made public its investments in venture capital firms. Sunabil, the venture arm of Saudi Arabia’s Public Investment Fund (PIF), appears to have invested in multiple venture capital firms linked to Web3, a next-gen internet that prioritises user privacy and community ownership through decentralised apps.
According to a report by The Information, Sunabil has invested in Silicon Valley-based venture capital firms A16z and Polychain Capital, both of which have been very active in backing Web3 startups.
The fund has also invested in Griffin Gaming Partners, 500 Startups, 9Yards, B Capital, Collaborative Fund, Costanoa, Craft Ventures, Dragoneer, Greenoaks Capital, Human Capital, ICONIQ Capital, Insight Partners, KKR, Legend Capital, Race Capital, Soma Capital, TCV, Techstars, Third Point Venture, Uncorrelated, Valar Ventures, Valor Equity Partners and Village Global, again with a majority of these consistently involved in web3 funding over the past 18 months.
Although the specific amounts and percentage stakes in the VCs were not disclosed, the Saudi Sovereign wealth fund appears to be living up to the country’s overall stand of diversifying public funds through foreign venture funding. The fund has invested in nearly 40 United States venture capital firms, the report showed.
According to a report by Blockworks, the Sunabil venture fund invests approximately $2 billion per year in venture capital firms across several rounds.
Saudi Arabia has been one of the leading early adopters of Web3 technology, as demonstrated in a recent report published by NFTgators. The country alongside the UAE, are have become an innovation hub in the Gulf region.
Last year, the country revealed that it is building a metaverse replica of its futuristic $500 billion Neom city, that will allow visitors and residents to experience the city in the metaverse ahead of building the real-life version.
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