The value of capital invested in startups in Saudi Arabia reached $3.3 billion over a decade, according to Nabil Koshak, CEO of the Saudi Venture Investment Company.
Koshak mentioned at a World Economic Forum session in Riyadh that investment in Saudi’s tech firms hit $1.4 billion in 2023, up from $65 million in 2018, recording a 21-fold increase in five years.
In 2023, startups in Saudi Arabia were able to avoid the slowdown witnessed by similar companies globally during the same period. They raised more than half of the sector’s funding in the Middle East and North Africa, recording a growth of 22% on an annual basis.
Koshak pointed out that “last year we witnessed two Saudi companies in the field of financial technology that reached the unicorn stage. Moreover, this achievement was attained with the support of major investors in the world which is considered a major transformation.”
In December 2023, Saudi fintech firm “Tamara,” supported by “Goldman Sachs,” joined the “unicorn” club. They closed a Series C funding round, raising 1.3 billion riyals ($347 million) and achieving a valuation of 3.75 billion riyals ($1 billion).
In November same year, Tabby, a Saudi-based company, raised $200 million in a financing round that valued the “buy now, pay later” company at more than $1.5 billion.
Related Topics :
Hong Kong Startups Expand Collaboration with Saudi Arabia
Saudi Startups Witness Significant Boost in February
Delivery Hero’s Acquisition of HungerStation Showcase Success of Saudi Food-Tech Startups
