TLDR:
- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital funding in the first half of 2024, with $412 million deployed.
- E-Commerce/Retail sector received the highest funding in the Kingdom, with FinTech leading in the total number of deals.
In the first half of 2024, Saudi Arabia continued to lead in the venture capital funding landscape across the MENA region. The “2024-H1 Saudi Arabia Venture Capital Report” revealed that the Kingdom captured a total of $412 million in VC funding, accounting for 54% of the total capital deployed in the region. E-Commerce/Retail emerged as the highest sector in the Kingdom, receiving 52% of total funding amounting to $215 million. Additionally, FinTech maintained its lead in the total number of deals, capturing 14% of deals in the first half of 2024.
The CEO of SVC, Dr. Nabeel Koshak, expressed pride in the Kingdom’s position and highlighted the support of government initiatives like the Saudi Vision 2030 programs. Philip Bahoshy, CEO at MAGNiTT, commended Saudi Arabia’s progress in fostering innovation and supporting startups, noting the Kingdom’s increased deal activity and non-mega funding growth. SVC, established in 2018, aims to stimulate financing for startups and SMEs from pre-Seed to pre-IPO through investments in funds and direct investments in startups and SMEs.
