Saudi Arabia has recorded a record half year with venture capital Investments up 244% when compared the period preceding. This is according to Magnitt’s H1 2022 Saudi Arabia Venture Capital Report sponsored by Saudi Venture Capital (SVC).
The report highlighted the huge growth in the Saudi venture landscape. Food & beverage and fintech ventures led the charge, with fintech holding the mantle for most deals whilst food & beverage represented the largest sector by volume.
Regionally, Saudi Arabia has jumped one place to overtake Egypt to become the second MENA country by number of deals transacted, whilst also closing the gap on the UAE by 15%.
The largest deal within the period covered was the Foodics Series C funding round led by Prosus and Sanabil Investments which raised $170 million. Other notable deals included Hyper Pay’s $37 million round, and Nana’s $50 million fundraise.
The industry as a whole is in a healthy position. All top 5 Tech sectors observed a year-on-year growth in deals compared to H1 2021, signalling honed focus and investor interest in Tech disruption. Public/private support for Fintech in particular was credited as having fostered growth in the sector, and 17 deals involving Fintech start-ups were recorded in H1 2022.
As we ramp up activity surrounding the TechHub, we enter the space at an exciting time. Saudi entrepreneurism is booming and we look forward to connecting, promoting, and supporting Tech ecosystems in the two Kingdoms over the near future.
To read the full report, follow this link.
