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Saudi Arabia’s Growth Catalyst Closes $96 Million Fund
Growth Catalyst closed its first fund since the start of the Iran war. The firm plans to more than double the fund size within six months.
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Saudi Arabia’s Growth Catalyst closed a $96 million fund to back companies in the kingdom, one of the first private-sector investors to complete a fundraising round since the onset of the Iran war. Growth Catalyst founder and chief executive Turki Al-Dayel said the firm aims to more than double the fund’s size over the next six months before reaching a final close.
The conflict with Iran did not affect the fundraising, he said.
The new fund is backed by the government-linked Saudi Venture Capital and regional family offices. It will target profitable businesses in the business services, consumer goods, healthcare, and technology sectors.
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