Saudi Arabia’s start-ups gain record amount of funding in first half – The National

Saudi Arabia’s start-ups gain record amount of funding in first half – The National

Despite the ongoing Covid-19 pandemic, a record number of venture capital deals were done in the kingdom in the six-month period

















Saudi Arabia's startups saw $95m of venture funding (up 102%) invested in 45 deals (up 29%) in H1 2020, both a record high. Reuters.







Saudi Arabia's start-ups sealed a record amount of funding in the first half of 2020 as investors targeted later-stage businesses, while the number of deals done also hit new highs as venture capitalists targetted industries positively affected by the pandemic.



Start-ups in the kindgom secured $95 million (Dh348.8m) in funding during the first six months of 2020, more than doubling the amount raised in the first half of 2019 and surpassing even the full-year amount, data platform Magnitt said in its Saudi Arabia Venture Capital Snapshot report.



The number of deals rose 29 per cent to 45, with notable funding rounds including $36.5m for food delivery app Jahez and $18m for groceries delivery app Nana.



The increased activity meant Saudi Arabia ranked third in the Middle East and North Africa (Mena) by number of deals and total funding, behind Egypt and the UAE.



Overall,