STV launches $100M AI fund backed by Google, marking tech giant’s first VC bet in MENA

MENA’s largest VC firm, with over $900M in AUM, also recently launched a $100M non-dilutive NICE Fund in partnership with SAB Invest.

Author

Jamie Lane
May 15, 2025

Riyadh-based STV has launched a $100M AI-focused fund backed by Google – the tech giant’s first VC partnership in MENA.

The fund marks a shift from STV’s typical growth-stage focus toward earlier-stage AI bets, targeting application-layer AI, localised models, and infrastructure.

MENA’s largest VC firm, with over $900M in AUM, also recently launched a $100M non-dilutive NICE Fund in partnership with SAB Invest.

Just 1.5% of MENA’s 2024 VC funding went to AI startups, compared to 38% in the U.S. and 13% in India.

STV’s past investments include Tabby, Salla, Foodics, Floward, and Calo.