Saudi-based STV launches $100 million non-dilutive capital fund in partnership with SAB Invest and NTDP

Saudi-based STV has announced the final close of its $100 million NICE Fund I, with backing from SAB Invest, family offices, and support from the National Technology Development Program (NTDP).

The fund uses a Sharia-compliant structure called Non-Dilutive Investment in Callable Equity (NICE) to offer growth-stage startups capital without giving up equity.

The fund has already backed Morni | مرني, RedBox SA, and invygo, and aligns with Saudi Arabia’s push to expand tech funding options under Vision 2030.

The launch was announced on April 30th in Riyadh, with STV’s Abdulrahman (AIT) Tarabzouni, SAB Chairperson Lubna Alolayan, NTDP CEO Ibrahim Neyaz, and SAB Invest CEO Ali Almansour, CFA in attendance.

STV General Partner Ihsan Jawad said the fund addresses a critical gap in startup financing and marks a shift in how founders can scale without dilution.