Latest news with #SuknaFund
Zawya
14-07-2025
- Business
- Zawya
Sukna launches MENA's first open-ended, Sharia-compliant direct financing fund
Sukna Capital has received official approval from the Saudi Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing. SFDF is KSA's first open-ended, Sharia-compliant direct lending fund, marking a regulatory milestone for non-bank financing in MENA. As a CMA-licensed alternative asset investment platform, Sukna is now authorized to offer institutional investors access to a vehicle providing non-dilutive, scalable financing for small and medium-sized enterprises (SMEs) seeking accelerated growth without equity dilution. Unlike traditional private credit vehicles, the open-ended fund structure enables investors to enter and exit at regular intervals, offering periodic liquidity with no long lock-up periods. For SMEs, this unlocks access to asset-backed capital while enabling founders to retain complete ownership and avoid the limitations of equity financing. Fares Bardeesi, CEO of Sukna, described the launch as a pivotal step in expanding institutional credit access for underserved sectors across the region. With over two decades of experience in corporate finance and private investments, the CEO has led more than $6.50 billion in transactions across real estate, technology, and healthcare. As a co-founder of Sukna Ventures and the architect behind Sukna's evolution into structured private debt, he emphasized the urgent need to close funding gaps for both traditional and innovation-led SMEs. 'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SAR 329.23 billion—just 9.1% of total bank credit—well below the Vision 2030 target of 15% to 20%,' Bardeesi noted. He added: 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors.' This announcement comes at a pivotal moment, as the Middle East's tech and startup landscape undergoes rapid transformation, while traditional funding structures have not kept pace with founders' evolving needs. Waleed Alballaa, Managing Partner of Sukna Ventures and member of the Fund's Investment Committee, said: 'The tech and startup ecosystem has matured significantly, but financing structures simply haven't caught up. We designed SFDF to meet founders where they are—with the right capital, at the right time, and without the red tape.' Waleed brings his unique, founder-centric perspective to the fund, shaped by over two decades at the intersection of technology, operations, and venture capital across Silicon Valley and Saudi Arabia. His deep technical foundation is complemented by a decade dedicated to venture capital, during which he was instrumental in launching multiple investment vehicles and serving on the boards of several prominent technology companies. His holistic experience gives him a firsthand understanding of the capital gaps that can hinder high-growth companies. The launch of SFDF builds on the success of Sukna Ventures, the firm's technology-focused investment arm, known for backing bold, high-growth startups in mobility, logistics, and digital marketplaces. Sukna also leverages proprietary technology to streamline loan origination, risk assessment, portfolio monitoring, and investor reporting, ensuring a transparent and scalable experience for both borrowers and institutional capital partners. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
14-07-2025
- Business
- Zawya
Sukna unveils MENA's first open-ended, Sharia compliant direct financing fund
Riyadh, Saudi Arabia – Sukna Capital has received official approval from the Saudi Capital Market Authority (CMA) to launch Sukna Fund for Direct Financing. SFDF is KSA's first open-ended, sharia compliant direct lending fund—marking a regulatory milestone for non-bank financing in MENA. As a CMA-licensed alternative asset investment platform, Sukna is now authorized to offer institutional investors access to a vehicle providing non-dilutive, scalable financing for small and medium-sized enterprises (SMEs) seeking accelerated growth without equity dilution. Unlike traditional private credit vehicles, the open-ended fund structure enables investors to enter and exit at regular intervals, offering periodic liquidity with no long lock-up periods. For SMEs, this unlocks access to asset-backed capital while enabling founders to retain complete ownership and avoid the limitations of equity financing. Fares Bardeesi, CEO of Sukna, described the launch as a pivotal step in expanding institutional credit access for underserved sectors across the region. With over two decades of experience in corporate finance and private investments, Fares has led more than USD 6.5 billion in transactions across real estate, technology, and healthcare. As a co-founder of Sukna Ventures and the architect behind Sukna's evolution into structured private debt, he emphasized the urgent need to close funding gaps for both traditional and innovation-led SMEs. 'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SAR 329.23 billion—just 9.1% of total bank credit—well below the Vision 2030 target of 15 to 20 percent,' he noted. 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors.' This announcement comes at a pivotal moment, as the Middle East's tech and startup landscape undergoes rapid transformation, while traditional funding structures have not kept pace with founders' evolving needs. Waleed Alballaa, Managing Partner of Sukna Ventures and member of the Fund's Investment Committee, underscored the importance of timing: 'The tech and startup ecosystem has matured significantly, but financing structures simply haven't caught up. We designed SFDF to meet founders where they are—with the right capital, at the right time, and without the red tape.' Waleed brings his unique, founder-centric perspective to the fund, shaped by over two decades at the intersection of technology, operations, and venture capital across Silicon Valley and Saudi Arabia. His deep technical foundation is complemented by a decade dedicated to venture capital, during which he was instrumental in launching multiple investment vehicles and serving on the boards of several prominent technology companies. His holistic experience gives him a firsthand understanding of the capital gaps that can hinder high-growth companies. The launch of SFDF builds on the success of Sukna Ventures, the firm's technology-focused investment arm, known for backing bold, high-growth startups in mobility, logistics, and digital marketplaces. Sukna also leverages proprietary technology to streamline loan origination, risk assessment, portfolio monitoring, and investor reporting, ensuring a transparent and scalable experience for both borrowers and institutional capital partners. About Sukna Capital Sukna Capital is a CMA licenced Saudi investment platform that provides investors curated access to alternative asset classes including Venture Capital, Direct Financing, Real Estate and Private Equity. For more information, please visit
Wamda
17-06-2025
- Business
- Wamda
Sukna Fund provides $20 million credit facility to OCTA
UAE-based fintech Octa has raised $20 million in a credit facility from Sukna Fund for Direct Financing (SFDF). Co-founded by Jon Santillan, Andrey Korchak, and Nupur Mittal in 2024, OCTA automates financial operations for SMEs — covering invoicing, payments, collections, and now embedded credit. The new funding will accelerate OCTA's mission to become a foundational layer for contract-to-cash automation in Saudi Arabia and the wider region. In October 2024, OCTA closed a $2.25 million pre-Seed round, co-led by Quona Capital and Sadu Capital, with participation from Sukna Ventures, Plus VC, 500 Global, and other angel investors. Press release: OCTA, a UAE-based fintech platform streamlining financial operations for SMEs, has announced the closing of a $20 million credit facility from the Sukna Fund for Direct Financing (SFDF). The funding will enable OCTA to embed short-term working capital financing directly into its platform, offering seamless credit access to small and medium-sized enterprises across the Kingdom. Unlike traditional lending processes that require separate applications and banking integrations, OCTA automates financing from within businesses' existing invoicing and payments workflows. The platform empowers companies to access funds the moment invoices are issued or payables come due, eliminating the typical 60-to-90-day cash flow gap that hampers growth. 'Most SMEs don't fail because they lack revenue — they fail because their cash is locked up,' said Jon Santillan, Co-Founder and CEO of OCTA. 'Our partnership with Sukna Fund allows us to bring financing directly into the heart of daily operations, where businesses need it most.' The credit is delivered through OCTA's proprietary platform, integrating smoothly with a company's financial operations stack. Repayments are automated and tied to real-time collections or scheduled payouts, aligning funding with actual cash flow and reducing the operational burden on SMEs. 'We've built the financial operations layer that automates how money moves,' said Nupur Mittal, Co-Founder of OCTA. 'With this facility, we're now also automating how it gets funded.' Sukhdev Hansra, Head of Asset Management at Sukna Capital, added: 'OCTA gives us an embedded distribution layer where capital can move instantly, transparently, and in sync with the operations of real businesses.'
