Regional startup investments flourishing thanks to Saudi VCs

Regional startup investments flourishing thanks to Saudi VCs

CAIRO: Saudi Arabia’s venture capital landscape has profoundly influenced the regional ecosystem, with startups attracting investments from the Kingdom’s speculators.

One of these startups is Emirati-based SpiderSilk, which raised $9 million from Aramco’s venture capital arm Wa’ed Ventures with participation from Saudi-based STV and the UAE’s Global Ventures.

Founded in 2019 by Rami El-Malak and Mossab Hussein, SpiderSilk will mainly utilize its funding to expand to the Saudi market by relocating its headquarters to the Kingdom.

The company offers organizations with an artificial intelligence-powered cyber defense platform and exposure detection technologies.

Mohammed Al-Dhalaan, Co-founder and CEO of Noon

“While the Gulf Cooperation Council region is a key technology market, there is hardly any intellectual property being built in the region for the region and beyond, and we believe that it is increasingly important to achieve self-reliance in this sector for the benefit of the public and private organizations,” El-Malak said.

Set to establish its Saudi headquarters in 2024, SpiderSilk aims to generate high-skilled employment opportunities in advanced technology sectors including cybersecurity, artificial intelligence, and research and development.

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