Saudi startups record 102% jump in venture funding
Saturday, 07 18 2020, Category: Economy, Country: Saudi Arabia
Despite the ongoing COVID-19 outbreak, startups in Saudi Arabia recorded a 102% year-on-year (YoY) jump in venture funding in the first half of 2020 to $95 million through 45 deals, up 29% YoY, MAGNiTT’s H1 2020 Saudi Arabia Venture Capital Report showed.
The report, which is sponsored by Saudi Venture Capital Company (SVC), added that 2020 is leading in terms of total funding for the Kingdom’s startups, as H1 2020 funding already surpassed full-year 2019’s $67 million funding.
The total funding in the Kingdom also grew significantly faster than the average in the Middle East and North Africa (MENA) region in H1. While the 17 countries in the region saw a 35% increase in total funding YoY, Saudi Arabia’s funding grew 102%.