One of many Center East’s largest enterprise capital funds employed Ivan Jakovljevic from Google Inc to assist rework its portfolio of start-ups into so-called unicorns.
Jakovljevic will be a part of Saudi Arabia’s STV – which backed Dubai-based ride-hailing agency Careem Inc earlier than its sale to Uber Applied sciences Inc – as chief growth officer subsequent month, the corporate stated in an announcement. He was beforehand head of latest markets for Google within the Center East and North Africa.
“Saudi start-ups are at an inflection level, ” STV Chief Govt Officer and former Google government Abdulrahman Tarabzouni stated in an interview. The fund is “nurturing what might grow to be one other two-to-three unicorns over the subsequent few years, ” he stated. Begin-ups with a market worth of US$1bil (RM4.15bil) are usually known as unicorns.
Curiosity within the Center East’s nascent know-how business has been choosing up after Uber final 12 months agreed to purchase Careem and Amazon.com Inc acquired Souq.com in 2017. Virtually 600 start-ups acquired greater than US$700mil (RM2.9bil) in funding final 12 months, in accordance with a MAGNiTT report.
Jakovljevic, who has an MBA from Stanford College, will assist develop corporations like Trukker, a digital market for land freight that raised one of many largest preliminary rounds of capital for a start-up within the area, and Mrsool, a supply app that’s extra common than Uber and Fb Inc in Saudi Arabia.
STV began operations in 2017 with funding from Saudi Telecom Co. It’s contemplating elevating a second fund of not less than US$500mil (RM2.07bil), Tarabzouni stated in October. – Bloomberg