Startups in Saudi Arabia have reached a breakthrough amidst coronavirus by securing $95 million (Dh348.8m) in funding during the first six months of 2020, as indicated by a MAGNiTT report.
Notably, the number of deals in the first half increased by 29% to 45%. In terms of total funding (67%) and number of deals (22%), e-commerce has obtained the first spot as the most active industry.
As per MAGNiTT’s H1 2020 MENA Venture Investment report, 17 countries in the region saw a 35% increase in total funding from H1 2019 to H1 2020, while Saudi Arabia’s funding met 102%.
In light of the coronavirus crisis, Dr. Nabeel Koshak, CEO, Saudi Venture Capital Company (SVC) said that Saudi Arabia has grown to be one of the fastest-growing ecosystems in the region over the years. In view of the Vision 2030, many new initiatives have been launched to pave way for innovation and growth in start-ups, and Saudi Arabia continues to be an attractive market for local and regional entrepreneurs because of its large market size. In the first half of the year, KAUST, OQAL, Impact 46, Misk500 MENA Accelerator, and the 500 Startups accounted for the highest number of deals.