<

Sanabil Investments announces partnerships with 40 US VCs in the crypto and Web3 space

Sanabil Investments, the public investment fund of the Saudi Arabian government, has announced partnerships with around 40 US venture capitalists (VCs), many of whom are involved in crypto assets and Web3-related businesses.

The list of partners includes some of the biggest names in the crypto industry, such as Andreessen Horowitz (A16z), Coatue Management, KKR, and Polychain Capital. A16z is particularly notable as the largest cryptocurrency fund in the industry, and recently led a Series B round for Aztec Network, which develops a privacy-focused L2 solution for Ethereum.

Coatue Management has invested in OpenSea, a major player in the NFT (non-fungible token) market, while KKR has invested in Anchorage Digital, a US cryptocurrency custody company, and Animoca Brands, a giant in the Web3 space.

Polychain Capital, meanwhile, has led a series B round in Uniswap Labs, the developer of Uniswap, the leading decentralized exchange (DEX). Sanabil Investments’ portfolio also includes a number of other Web3 and blockchain-related companies, such as Griffin Gaming Partners, 500 Startups, 9Yards, B Capital, Collaborative Fund, Costanoa, and Valar Ventures.

Sanabil Investments was established in 2009 and invests around $2 billion each year in multiple funding rounds to support businesses with novel business models. However, the specific amount of investment in virtual currency and Web3-related VC has not been disclosed at this time.

It is worth noting that Saudi Arabia has been the subject of controversy in recent years over allegations that Crown Prince Mohammed ordered the murder of Saudi journalist Jamal Khashoggi in 2018. This has led some to question whether the brand value of companies affiliated with Saudi Arabian funds may be affected.

Despite this, the move by Sanabil Investments to partner with so many US VCs involved in crypto assets and Web3-related businesses is a sign of the growing interest in these areas among institutional investors. It will be interesting to see how this partnership develops and whether other countries and regions will follow Saudi Arabia’s lead in investing in these emerging technologies.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS