General Catalyst reportedly to back Saudi Arabian startup

In Brief

Despite Saudi Arabia’s record of human rights abuses, some investors are warming up to investing in the country’s startups.

General Catalyst is planning to invest in a Saudi Arabia-based fintech startup, Lean Technology, the firm’s first investment in the Middle Eastern nation, the Information reported.

Other Saudi Arabian startups that US-based investors recently backed include a lending platform Tamara, that last year received capital from Coatue Management.

While not a direct investment, a16z-backed Flow, a co-living startup founded by Adam Neumann, has opened an apartment complex in Saudi Arabia’s capital, Riyadh.

Saudi Arabia’s Public Investment Fund’s venture arm Sanabil Investments has backed a number of US-based venture capital firms according to its website, including a16z, Craft Ventures and Insight Partners, with the reported goal that these firms will invest in Middle Eastern startups in return.

General Catalyst is not among a list of VC firms that the PIF lists as having backed on its web site.