Saudi VC Firm STV Closes $100m Non-Dilutive Capital Fund for Startups
STV NICE I offers Sharia-compliant, non-dilutive financing to Saudi tech companies, with half its capital from the National Technology Development Program.
In 2025, Riyadh-based STV announced the final close of STV NICE I, a $100m non-dilutive capital fund providing Sharia-compliant financing that lets startups grow without giving up equity. The National Technology Development Program contributed 50% of the fund's capital, alongside SAB Invest's Alternative Financing Fund and several regional family offices.
The vehicle aims to fill a financing gap for Saudi technology companies that want debt-like growth capital rather than dilution. STV, one of the region's largest venture managers, separately launched an Emerging Tech and AI fund backed by Google.