Silicon Valley venture capital firm General Catalyst has made its first investment in Saudi Arabia through fintech startup Lean Technologies, which just closed a Series B round worth $67.5 million.
General Catalyst has $30 billion in assets under management and has backed major U.S. tech companies like Snap , Stripe and AirBnb .
Lean Technologies' fundraising round also saw participation from Bain Capital Ventures, Stanley Druckenmiller's Duquesne Family Office, and Arbor Ventures, among others, bringing the Riyadh-based firm's total funding to over $100 million to date, according to a Sunday statement from the company.
For three of those investors — General Catalyst, Stanley Druckenmiller and Bain Capital — this investment is their first in the kingdom.
"If you look at the region's growth over the last three to five years, it's been phenomenal, but there is still so much more room for growth."
Persons:
Catalyst, Stanley Druckenmiller's, Stanley Druckenmiller, Hisham Al, Falih, it's
Organizations:
Lean Technologies, Bain Capital Ventures, Stanley, Stanley Druckenmiller's Duquesne Family Office, Arbor Ventures, Bain Capital, CNBC
Locations:
Silicon, Saudi Arabia, U.S, Riyadh, Saudi