Khwarizmi Ventures eyes $100M+ Fund II to back early-stage startups

Saudi-based Khwarizmi Ventures is raising a second fund targeting $100M–$120M to back early-stage startups across MENA, with a focus on Saudi-based and KSA-bound companies.

Speaking to Alarabiya Business, Managing Partner Abdulaziz Al-Turki called it a “golden opportunity” for early-stage investing, pointing out that MENA went from zero unicorns a decade ago to eight today, and could reach 60 by 2035.

Khwarizmi’s first fund closed at $70M, with 80% deployed and the rest reserved for follow-ons. Its portfolio includes 29 active companies such as Calo, Eyewa, and TruKKer, and four exits including Tamara (secondaries) and POSRocket.