Plus VC (+VC), a leading venture capital firm that invests in early-stage tech and tech-enabled startups in MENA and its diaspora, and the third most active VC by deals in the MENA in Q3, 2023, has announced the signing of a Memorandum of Understanding (MoU) with Tawaref, a tech investment community, financing top regional startups and offering entrepreneurial services, to accelerate the incorporation process of portfolio companies under its umbrella in the Kingdom of Saudi Arabia via its Saudi Landing program.
+VC understands the increasing need for a company such as Tawaref, to accelerate time to market and help tech startups meet the challenges posed by obtaining approvals from multiple government departments and expediting the establishment process in Saudi Arabia. Saudi Landing by Tawaref is a One-Stop Shop solution that coordinates with more than 10 entities in the Kingdom and offers guidance on market entry strategies, regulatory requirements, and local business practices.
Commenting on the signing of the MoU, Hasan Haider, Managing Partner of +VC, said, "At +VC, our strategy is to constantly look for new and innovative ways to help our founders thrive. With the majority of our founders keen to expand to Saudi Arabia, the signing of the MoU was key, to demonstrating our commitment to augmenting initiatives that will help our founders accelerate the establishment of commercial operations, explore fundraising opportunities, and expand their investor network. We are delighted to partner with Tawaref, their pivotal role as catalysts, their strong track record, and their highly professional team of experts can help our startups to resolve the complexities of incorporation, and strongly position them for success and scalability.”
The MoU between + VC and Tawaref marks a milestone for a new way of cooperation between both parties. Under the terms of the MoU, Tawaref will work with +VC portfolio companies to facilitate the seamless setup of its operations in Saudi via its flagship Saudi Landing program. In addition, both parties jointly will share deals, investment analysis, and market trends to keep updated on regional updates.
Saeed Al Ansari, Founder and CEO of Tawaref, said, “We are thrilled to have partnered with +VC which represents some incredible startups. Our vision advances our strategy to assist tech startups from around MENAP and beyond to incorporate their business into Saudi’s vibrant entrepreneurial ecosystem. This strategic collaboration will help us to incorporate the startups and establish us as a robust service provider. With our excellent track record, deep industry knowledge, extensive network, and strong connections in the tech startup ecosystem, we are confident that our dedicated team of experts will be able to provide the best-in-class services to every tech startup under the +VC umbrella. We look forward to working together with the portfolio companies, empowering them to establish their business by adding unmatched value to the founders.”
