Saudi Arabia’s Mohammed Hassan Al Naqool Sons Co. has signed an agreement to invest $4 million (15 million Saudi riyals) in Silicon Valley venture capital firm, Graphene Ventures, Zawya reports.
Graphene Ventures will use the investment to explore promising technical opportunities and invest in capital at an early stage in emerging companies in the field of technology in general and construction technology in particular, the building materials manufacturer, which is listed on the Saudi Nomu parallel market.
The investment will last for eight years. The Silicon Valley-based sharia-compliant fund has the right to reinvest the profits if it so desires. Graphene Ventures is a multi-stage investor in high-growth tech companies. It has made investments several companies including in FirstBase.io (a startup that helps founders and entrepreneurs launch, manage, and grow a business online), GOOD Meat (provider of cultured cell-based meat instead of slaughtered livestock) and ExpandCart (the fastest growing Arabic ecommerce platform in the Middle East).
Saudi Mohammed Hassan Al Naqool Sons Co. to invest $4m in US-based Graphene Ventures
