Golden Gate Ventures, a prominent southeast venture capital fund, has unveiled plans to set up its inaugural Middle East and North Africa (MENA) office in Saudi Arabia. The move is strategically aimed at fostering stronger connections between Singapore and the MENA region while concurrently expediting the growth of the startup ecosystem in MENA.
The establishment of Golden Gate Ventures’ MENA office in Saudi Arabia came when Singapore was actively fostering stronger ties with countries in the Middle East.
In October 2023, Singapore and Saudi Arabia elevated their relationship to a ‘strategic partnership,’ focusing on enhancing bilateral cooperation in trade, investment, green energy, and the digital economy.
Singapore’s proactive engagement in the Middle East is not limited to Saudi Arabia, as evidenced by the strengthened economic ties with the United Arab Emirates (UAE) in 2021. The bilateral economic relationship between Singapore and the UAE flourished, particularly in technology, Artificial Intelligence (AI), and space innovations.
Additionally, at the 2023 SWITCH Conference in Singapore, Qatar furthered the regional collaboration by bringing a delegation of startups and government officials to engage with local venture capital firms and founders.
Golden Gate Ventures’ operations in the Middle East and North Africa (MENA) region have been strategically strengthened through collaborative efforts with startup ecosystem partners across the Gulf Cooperation Council (GCC).
This intensified engagement aims to contribute to the development of the venture capital (VC) ecosystem in the GGC region by attracting talent and capital. Hussain Abdulla, Senior Advisor, emphasized the potential addition of value to the markets while talking about the importance of collaborating with universities and supporting local talents across various domains.
Golden Gate Ventures has been focusing on building social, human, and financial capital access. As part of these efforts, the venture capital firm is currently providing mentorship to over 50 founders from MENA, including participants from the Endeavor program. This initiative is designed to assist founders in internationalizing their ventures and navigating the complexities of the global startup landscape.
Golden Gate Ventures is a global early-stage venture capital firm supporting founders across three continents. With its inception in 2011, the firm blends the experience of Silicon Valley with a profound understanding of emerging startup ecosystems, creating a foundation with local roots and a global footprint.
Having invested in over 90 companies, Golden Gate Ventures has a portfolio featuring nine unicorns and two initial public offerings (IPOs). Among the notable success stories within its diverse investments are Carro, Coda Payments, Stripe, Carousell, Xendit, AngelList, and Multiplier.
