VC firm Plug and Play Tech Center is looking to raise a $100M fund to invest in Saudi Arabian tech startups

 

VC firm Plug and Play Tech Center is looking to raise a $100M fund to invest in Saudi Arabian tech startups.  The Silicon Valley-based firm is in talks with Saudi's $1B sovereign wealth fund Jada to join the fund as a limited partner.  Plug and Play Tech Center would contribute 10% of the fund's capital, with the remaining to be raised from Saudi investors and family offices.  The firm has raised five funds to date and has over $500M worth of assets under management (AUM).  News of Plug and Play Tech Center's new fund comes as Saudi Arabia strives to develop its startup and VC ecosystem as part of efforts to diversify its oil-dependent economy.  Jada was a limited partner in Hambro Perk's $50M fund aimed at Middle Eastern startups.