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"LIP24" Conference Witnesses Tech Investment Funds Launch and Fundraising of Over $888M.

The LEP24 international tech conference announced several investment rounds for start-ups and multi-funds totaling over $888 million, aimed at supporting future technologies and technological entrepreneurship, and enhancing Saudi Arabia's position as a center for technology and innovation in the Middle East and North Africa. The investment rounds for start-ups included BRKZ, FanZ, Measer, Lawazem, buildnow, and RemotePass. As for multi-fund launches, Oasis Capital announced its second forward worth $100 million to empower early-stage founders in the Middle East, while the National Development Fund and the Social Development Bank formed a $40 million investment fund for gaming and esports. Other multi-fund launches included a $50 million fund from Integration Holdings, a $500 million fund from Investcorp, a $50 million fund from Plug and Play, and a first investment fund from X By Unifonic, to support start-up software service businesses in the Middle East, North Africa, and Turkey. To contribute to reinforcing the IT sector and ensuring its sustainability, several initiatives were launched as part of the National IT Development Program (NTDP). These initiatives included "AIM," which aimed to create a platform to encourage innovation in artificial intelligence and provide access to research and development infrastructure, helping build AI start-ups. Additionally, "FUEL" aimed to provide support for venture capital funds investing in deep tech start-ups from pre-seed to pre-IPO stages. "FundSwift" provided financial assistance to early-stage start-ups to expand their businesses while "SourceTech" supported IT outsourcing firms in creating and expanding their services within the Kingdom. Lastly, "Transform+" offered financial grants to bridge the technological gap for start-ups and promote cloud computing.



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