Saudi Arabia’s start-ups hit record number of deals and funding in 2019 – The National

Saudi Arabia’s start-ups hit record number of deals and funding in 2019 – The National

Saudi Arabia's start-ups hit record number of deals and funding in 2019. The kingdom's start-ups set for more growth in 2020, backed by public and private sector interest, data platform Magnitt says. Saudi Arabia's start-ups sealed a record number of deals and funding agreements in 2019, as newly-established accelerators, government initiatives and investor interest spur growth in the kingdom's venture capital scene.. The deals and investments scooped up by start-ups in the kingdom accounted for nine per cent of total funding and 12 per cent of deals in the wider Mena region, according to Magnitt.. E-commerce, delivery and transport were among the top industries attracting the biggest number of deals and the highest investments into start-ups in Saudi Arabia, thanks to the country having the Arab world's largest economy and digitally-savvy population.. Around 68 per cent of these investors are based in the kingdom, but it also drew interest from foreign investors who accounted for a third of all investments, mainly from the UAE.. Saudi Arabian investors were also the most active investors into Mena-based start-ups.. Misk Innovation - which established two new accelerators: Misk 500 Mena Accelerator with 500 Startups and Misk Growth Accelerator with Seedstars and Vision Ventures