Ithraa Alamal signs partnership with Squad Partners to manage tech investment fund
Ithraa Alamal is an investment company located in Riyadh and founded by Mr. Mansour AlTohimi. Squad Partners is a global company founded in 2015 by Dr. Mohammed Alrokayan. Based in Riyadh, they also have branches in the UAE and Australia. Squad Partners are focused on innovation, entrepreneurship, and fund management. They provide unique programmes in incubation, acceleration, and innovation bootcamps, side by side with the fund management (which serves as an investment arm for startups). Squad Partner's focus is on Seed and later-stage startups, with some exceptions.
The partnership will be a mutual-beneficial relationship from exchanging views and expertise, to investment diversification and risk (sharing) mitigation. The collaboration will drive the funds from Ithraa to invest in scalable tech startups in multiple locations, which will create an impact in the ecosystem resulting in GDP contribution and job creation.
Squad Partners CEO, Abdullah Alonaideel said, "One of the major goals for Squad Partners is to build a strong and sustainable entrepreneurship ecosystem in the Kingdom of Saudi Arabia and the MENA region by leveraging the uniqueness of our culture and the local startups, and not simply replicating what other countries are doing."
Abdullah added, "Our ambition is to create an active and attractive ecosystem. After the government initiated the 2030 Vision, things have been moving faster. The regulations related to startups, fund management, and fundraising are changing towards matching global best practices, therefore becoming a global destination for international investors, startups, and all other stakeholders within the ecosystem."
The Food & Beverage industry saw increased investment activity over the last 5 years, jumping from just 10 deals in 2015 to 54 in 2019. Discover more trends and insights in our 2019 F&B MENA Venture Investment Report.