stc Group unveils new corporate venture capital unit
RIYADH, March 3, 2024
Leading Saudi telecom group stc today (March 3) announced the launch of its corporate venture capital arm, tali ventures, which serves as a catalyst for innovative startups, leveraging the Group's ecosystem.
This milestone underscores the group's commitment to propelling technological advancement and fostering a vibrant entrepreneurial ecosystem across its operating markets.
The tali venture has already made significant strides by investing in startups such as Nile (network equipment solutions), Rewaa (inventory management solutions), and NearPay (digital payments solutions), said a statement from stc Group.
These initial investments demonstrate the group's dedication to adopting new technologies, embracing innovative ideas and driving technological transformation, it stated.
Emphasizing the fund's ambitious vision, stc Group said the launch of tali ventures marks a pivotal moment in its journey to empower the world's brightest minds.
The Saudi telecom group aims to be a leading force in nurturing entrepreneurial talent and advancing groundbreaking initiatives by committing to investing in revolutionary startups through collaborating with renowned global funds such as Sanabil and Prosperity7, therefore shaping the future of technology and unlocking unparalleled opportunities.
Focusing on key areas such as AI, fintech, proptech, ICT, Cloud, IoT, cyber security and other digital trends, tali ventures aims to support groundbreaking ventures that have the potential to revolutionize industries.
"Tali ventures empowers startups from inception to growth, providing comprehensive support across diverse fields. This holistic approach cultivates innovation from the ground up, nurturing a thriving talent ecosystem," said a company spokesman.
This launch signifies a continuation of stc Group’s efforts to foster innovation through strategic investments, he stated.
Initiatives like the InspireU program, which incubates and supports over 100 startups, stand as testament to this commitment. Furthermore, STV and stc venture funds have invested in numerous startups, driving economic diversification and growth in line with stc’s DARE strategy, he added.-
TradeArabia News Service
