According to Livemint, Elm, a Saudi Public Investment Fund-owned firm, has invested in India-based healthtech Healthifyme’s $75 million Series C fundraising round, headed by Khosla Ventures and LeapFrog Investment.
HealthQuad and Unilever Ventures, as well as current investors Chiratae Ventures, Inventus Capital, and Sistema Asia Capital, joined the round, bringing the total investment in the firm to $100 million.
The Saudi sovereign fund has established 35 strategic companies since 2018
The Saudi sovereign fund has established 35 strategic companies since 2018, with its assets having grown to about SR1.6 trillion ($426.6 billion). It aims to expand this to SR4 trillion by the end of 2025, Deputy Governor Yazeed Al-Hamid said earlier this month. He said the sovereign wealth fund aims to boost its local investments to account for 75-80% of the total.
By introducing new industries and producing 366,000 direct and indirect jobs, the companies are working to boost private sector growth and diversification of the Kingdom’s economy. By 2025, the Kingdom’s sovereign fund expects to create 1.8 million direct and indirect jobs.