RIYADH: The Saudi Venture Investment Company (SVC) has investments worth SR1.1 billion ($293.2 million) in 20 funds, the company told Al Eqtisadiah. Some 116 Saudi startups have been backed since the company was established in 2018 until the end of the third quarter of 2021, it said. SVC signed letters of commitments with six VC funds in April, during the financial sector conference, in partnership with Derayah Financial, Raed Ventures, STV, Gobi 8Point Capital, Merak Capital, Impact Capital. The company aims through those letters to approve investing in investment funds that will be established by fund managers. SVC emphasized its rapid growth during the past three years, and the record size of the value of investment each year, coming as a result of government stimulus initiatives and the emergence of more active investors and innovative entrepreneurs, according to Al Eqtisadiah.