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Silicon Valley-based tech investor Plug and Play Tech Center is aiming to raise $100 million for a new venture capital (VC) fund dedicated to supporting tech startups in Saudi Arabia, according to Bloomberg. The fund, slated for a January launch, will focus on strategic investments in the Saudi market. Plug and Play’s founder and CEO, Saeed Amidi, revealed the firm’s discussions with Jada, a $1 billion fund of funds backed by Saudi Arabia’s sovereign wealth.

Plug and Play intends to contribute up to 10% of the fund’s total capital, with the remainder sourced from Saudi funds and family offices. The company’s existing portfolio of five funds manages a combined $500 million. Amidi sees tremendous potential in Saudi Arabia’s startup ecosystem and recognizes the need for substantial support and investment to drive innovation and entrepreneurship in the country.

The entry of Plug and Play, known for early investments in successful tech companies like Dropbox and PayPal, into the Saudi market signals a major milestone. By actively seeking opportunities in Saudi Arabia’s flourishing tech scene, Plug and Play aims to unlock the kingdom’s vast potential and position it as a global tech hub. The new VC fund is set to catalyze the growth of Saudi Arabia’s tech startup ecosystem, fueling innovation, job creation, and economic diversification.