Silicon Valley Investor Plans $100 Million Saudi Arabia VC Fund
- Plug and Play in talks to get Saudi investors for new fund
- California-based investor an early backer of Paypal, Dropbox
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Silicon Valley-based tech investor Plug and Play Tech Center, an early backer of firms including Dropbox Inc. and PayPal Holdings Inc., is looking to raise $100 million to invest in Saudi tech startups, potentially with backing from a unit of the kingdom’s sovereign wealth fund.
Plug and Play is in talks with Jada, a $1 billion fund of funds established by the Saudi wealth fund to help kick-start the domestic venture capital industry, Saeed Amidi, the firm’s founder and CEO, said in an interview in Riyadh.