TLDR:
Key Points:
- Saudi Arabia maintained its first rank in the MENA region for Venture Capital funding in the first half of 2024 with a total of $412 Million deployed.
- E-Commerce/Retail was the highest sector in the Kingdom by the amount of VC funding, with FinTech leading in the total number of deals.
The “2024-H1 Saudi Arabia Venture Capital Report” revealed that Saudi Arabia captured the highest share of total VC funding in the MENA region in the first half of 2024, accounting for 54% of the total capital deployed. E-Commerce/Retail sector received the highest amount of VC funding with $215 Million. FinTech continued to lead the Kingdom’s total number of deals. Dr. Nabeel Koshak from SVC highlighted the Kingdom’s leading position in the region due to government initiatives supporting the VC and startups ecosystem within the Saudi Vision 2030 programs. Philip Bahoshy, CEO at MAGNiTT, noted the positive trend in Saudi Arabia’s deal flow, showcasing significant strides in fostering innovation and supporting a robust startup ecosystem. SVC, a subsidiary of the SME Bank, aims to finance startups and SMEs from pre-Seed to pre-IPO through investments to stimulate growth and sustainability.
