# Ma’aden

> Ma’aden is a VC fund in Riyadh backing Mining, B2B and Energy. See 4 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Riyadh, Saudi Arabia
- Total investments: 4
- Last investment: Sep 2024
- Lead investor: 75%
- Last updated: Aug 2026
- LinkedIn: https://in.linkedin.com/company/maaden
- Website: https://www.maaden.com.sa

Ma’aden is a VC fund in Riyadh focused on Mining and B2B. Ma’aden operates as a mining and metals company. Ma’aden plays an important role in Saudi Vision 2030, the Kingdom’s strategy to diversify its economy. Our mission is to lead the development of Saudi mining into the ‘third pillar’ of industrialization in the country, beyond oil and petrochemicals.

## Contacts

5 contacts available for Ma’aden. Shizune tracks 4 team members at Ma’aden. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/ma-aden?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Post-IPO Equity | $126M–$3.4B |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Mining | 3 | 75% |
| B2B | 1 | 25% |
| Energy | 1 | 25% |
| Precious Metals | 1 | 25% |
| Natural Resources | 1 | 25% |

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Post-IPO Equity | 2 | 50% |
| Seed | 1 | 25% |
| Secondary Market | 1 | 25% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Saudi Arabia | 2 | 50% |
| Brazil | 1 | 25% |
| Canada | 1 | 25% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Arif Mustafa | Group CIO | 0 | https://shizune.co/investors/profile/arif-mustafa |
| David Schummer | President | 0 | https://shizune.co/investors/profile/david-schummer |
| Emad Telmesani | Vice President, Corporate Exploration | 0 | https://shizune.co/investors/profile/emad-telmesani |
| Robert Wilt | Chief Executive Officer | 0 | https://shizune.co/investors/profile/robert-wilt-74ea |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Alcoa Saudi Arabia | Alcoa Saudi Arabia is a joint venture project includes a bauxite mine situated in central Saudi Arabia. | $1.1B | Secondary Market | Sep 16, 2024 |  |
| Vale | Vale is in the mining sector. Headquartered in Brazil, they operate in over 30 countries and employ over 195,000 people (including employees and long-term contractors). They are the global leader in iron ore and the second biggest nickel producer. They also produce copper, coal, manganese, ferroalloys, fertilizers, cobalt and platinum group metals.In addition, they operate in the logistics, steel, energy and fertilizers sectors. | $3.4B | Post-IPO Equity | Jul 30, 2023 |  |
| Lihytech | Professor Zhiping Lai of KAUST developed a membrane-based lithium extraction technology that Lihytech has patented. The novel technology can extract alkali metal from a variety of sources, including seawater, brine, red mud, and others. The startup was funded through the KAUST Near Term Grand Challenge, a research translation programme, based onKAUST research, and the technology is being developed on campus. | $6M | Seed | Jan 26, 2023 |  |
| Ivanhoe Electric | Ivanhoe Electric is an exploration and development company intended to discover new and untapped base metal resources. Founded in 2010, Ivanhoe operates in Vancouver, Canada. | $126.4M | Post-IPO Equity | Jan 11, 2023 |  |

4 of 4 investments shown.

## Co-investors
- [Engine No. 1](https://shizune.co/investors/profile/engine-no-1) — VC Fund, 1 deal together
- [KAUST Innovation Fund](https://shizune.co/investors/profile/kaust-innovation-fund) — VC Fund, 1 deal together
- [Public Investment Fund](https://shizune.co/investors/profile/saudi-arabia-public-investment-fund) — VC Fund, 1 deal together

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## FAQ

### What does Ma’aden invest in?

Ma’aden invests primarily in Mining, B2B and Energy startups, most often at Post-IPO Equity and Seed stage. Most of the 4 investments tracked by Shizune back companies in Saudi Arabia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Ma’aden's check size?

Ma’aden typically joins rounds of $126M–$3.4B at Post-IPO Equity. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Ma’aden participates in.

### How do I contact Ma’aden?

Public channels for Ma’aden include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Ma’aden?

The team at Ma’aden includes Arif Mustafa (Group CIO), David Schummer (President) and Emad Telmesani (Vice President, Corporate Exploration). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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