Saudi Arabia achieved a record number of 178 venture capital (VC) deals in 2024, accounting for 31 per cent of the MENA region’s total number of deals.
The Kingdom also maintained its first rank across the MENA region in terms of VC funding for the second year in a row, according to the 2024 Saudi Arabia Venture Capital Report published by MAGNiTT and sponsored by SVC.
The report also reveals a 34 per cent increase in funding for VC deals in the Kingdom valued at less than $100m (SR375m) in 2024 compared to 2023.
Saudi venture capital
This growth indicates a positive trend towards supporting early-stage startups, enhancing the opportunities for the Kingdom’s VC ecosystem to progress to later stages.
According to the report, E-commerce ranked first among sectors in Saudi Arabia, accounting for 33 per cent of the country’s capital deployed in 2024, with a value of $247m (SR926m).
Fintech led the scene in terms of the number of deals, accounting for 18 per cent of the total number of VC deals in the Kingdom.
Dr. Nabeel Koshak, CEO and Board Member at SVC, said: “The steady growth of the Saudi VC ecosystem in recent years has enabled it to maintain its leading position in the MENA region and achieve a record number of VC deals in 2024.
“This growth directly results from the country’s commitment to realising the Saudi Vision 2030, which emphasises fostering entrepreneurship and stimulating investment in startups, where several initiatives and programs have been launched to support the rapid development of the VC ecosystem in Saudi Arabia.”
SVC is an investment company established in 2018 and is a subsidiary of the SME Bank, one of the development banks affiliated with the National Development Fund.
SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in private capital funds (venture capital, private equity, venture debt and private credit) as well as direct investment in startups and SMEs.
