Saudi Arabia startup ecosystem raises $1.38bn in 2023
- Date: 14-Jan-2024
- Source: Arab News
- Sector:Technology
- Country:Saudi Arabia
Saudi Arabia startup ecosystem raises $1.38bn in 2023
CAIRO: Saudi Arabia’s startup ecosystem ranked first in regional venture funding activities in 2023, amassing an unprecedented $1.38 billion in capital.
This achievement positioned the Kingdom at the forefront of venture capital funding in the Middle East and North Africa, surpassing the $1 billion mark for the first time, as reported by MAGNiTT in their Saudi Arabia FY2023 report.
During the year, the funding for Saudi Arabia’s startup ecosystem experienced a 33 percent increase from the $987 million raised in 2022, indicating a robust growth trajectory. Saudi Arabia startup ecosystem raises $1.38bn in 2023