Saudi Arabia startup ecosystem raises $1.38bn in 2023

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