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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter