Saudi startups secure over SR12 billion in venture capital investment in a decade

Saudi startups secure over SR12 billion in venture capital investment in a decade

Saudi Gazette reportRIYADH — A report on startup founders in Saudi Arabia, launched by corporate investment data platform MAGNiTT and sponsored by Saudi Venture Capital Company (SVC), has highlighted the substantial growth in the country's startup ecosystem over the past decade.The report, the first of its kind in the region, reveals that 200 Saudi startups have collectively received more than SR12 billion (around $3.2 billion) in venture capital funding during the past 10 years.Dr. Nabil Koshak, CEO and board member of SVC, noted that the robust growth and entrepreneurial momentum within Saudi startups were built on a solid foundation of innovation and entrepreneurship, driven by initiatives aligned with the Kingdom's Vision 2030.He stated, "We have seen great growth and movement in the Saudi startup scene, while highlighting the increasing number of ambitious founders seizing opportunities across various sectors.The "10-Year Report on Startup Founders in Saudi Arabia" provides crucial insights into the characteristics of founders who secured bold investment financing over the last decade in the Kingdom.According to the report, 44% of these companies were founded by multiple partners, and they received 53% of the total venture capital funding.Companies with a single founder represented 30% of the total startups and received