S Arabia pledges to back Indonesian soonicorns & unicorns with new joint fund

S Arabia pledges to back Indonesian soonicorns & unicorns with new joint fund

Deputy Minister Ibrahim Al-Nasser and Nexticorn Chairman Rudiantara. (Photo courtesy of Ministry of Communications, Information and Technology, Kingdom of Saudi Arabia)

Saudi Arabia has pledged to back later-stage startups in Indonesia through a proposed joint fund with Indonesia-focused venture capital firms as part of the Kingdom’s digital push towards a post-oil economy.

The fund was mentioned during a signing ceremony between the Center of Digital Entrepreneurship (CODE) at the Saudi Ministry of Communications and Information Technology (MCIT) and the Nexticorn Foundation held in Bali late Friday.

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