Despite Saudi Arabia's record of human rights abuses, some investors have become more willing to invest in the country's startups.
General Catalyst plans to invest in Saudi Arabia-based fintech startup Lean Technology, marking its first investment in a Middle Eastern country, the Information reported.
Other Saudi startups recently backed by US-based investors include lending platform Tamara, which received capital from Kochu Management last year.
Although not a direct investment, Flow, a co-living startup founded by Adam Newman and backed by a16z, has opened an apartment complex in Riyadh, the capital of Saudi Arabia.
Sanabil Investments, the venture arm of Saudi Arabia's Public Investment Fund, has backed a number of U.S.-based venture capital firms, including a16z, Craft Ventures and Insight Partners, according to its website, and reportedly , the goal is for these companies to invest in Middle Eastern startups in return. .
General Catalyst is not included in the list of VC firms that PIF lists as supporting on its website.