During LEAP 2024 currently taking place in Riyadh, Saudi Arabia solidified its position as a leading tech and investment hub in the region by making significant advancements. The Kingdom and various organizations announced a total of $888 million in investment funds and funding rounds to support innovation and tech entrepreneurship across Saudi Arabia and the wider region.
Investcorp introduced a growth-stage fund worth $500 million, aimed at fueling the expansion of promising businesses. Additionally, Oasis Capital launched “Fund II” with a capital of $100 million to further support tech ventures.
Gaming & esports
Recognizing the growing significance of gaming and esports, the National Development Fund and the Social Development Bank established the Gaming and Esports Investment Fund, totaling $40 million. This fund, managed by Impact46, will provide investment opportunities in the gaming and esports sectors.
Merak Capital established an $80 million fund to support game accelerators specifically in Saudi Arabia, indicating the country’s commitment to nurturing the gaming industry. Takamol Holdings, a Saudi Arabian company, launched a $50 million investment arm focusing on providing funding for early-stage tech companies.
Investing in tech startups
LEAP 24 also witnessed the launch of two notable investment funds. Plug and Play introduced its first fund dedicated to investing in technology startups, while X by Unifonic announced its inaugural investment fund aimed at supporting business software services for startups.
Funding rounds
Furthermore, startups operating in Saudi Arabia, which is the largest tech and digital economy in the MENA region, secured over $53.4 million through funding rounds during LEAP 24. BRKZ, an international IT company based in Saudi Arabia, raised $8 million in a Series A round. FanZ, an AI-enabled sport tech company, announced a pre-seed funding round of $1.5 million. Lawazem, an online B2B supplies player, secured $8 million in a pre-Series A round to expand its operations. RemotePass, a cross-border team onboarding services company, raised $5.5 million in a Series A funding round.
Moyasar, a Saudi payment gateway, conducted a Series A funding round to facilitate expansion across the MENA region, while simultaneously deepening its services within Saudi Arabia through collaboration with Saudi-based Jahez. Buildnow, a fintech company based in Saudi Arabia, received seed funding in a round led by RAED Ventures and Khawarizmi Venture Fund.
To provide immediate financial assistance to startups, a liquidity bridge initiative was launched during LEAP 24. Under the SourceTech initiative, startups can receive up to 50 percent of their capital investment financing, enabling them to navigate financial challenges effectively. This initiative aims to incentivize technology outsourcing companies to establish and expand their services in Saudi Arabia, strengthening the technological landscape of the Kingdom.
Initiatives supporting the IT sector
In line with the National Technology Development Program (NTDP), Saudi Arabia launched five initiatives during LEAP 24 to further develop the IT sector in the country. These initiatives focus on supporting pre-seed and early-stage startups and nurturing emerging technologies in priority sectors such as Artificial Intelligence, quantum computing, space technology, biotechnology, smart cities, mobility technology, open radio access networks, and deep tech.
The AIM initiative, launched by NTDP, aims to foster the AI ecosystem by providing access to R&D infrastructure. Over the next five years, this initiative seeks to elevate local talent, address sector-specific challenges, and generate projects that leave a lasting impact.
Bridging the tech gap for startups and SMEs
NTDP also introduced the AdoptTech initiative, which aims to bridge the technology gap for startups and small and medium-sized companies in Saudi Arabia. This initiative will accelerate digital transformation, create a robust technological ecosystem, and provide financial assistance and access to technological solutions for companies.
These initiatives and investments demonstrate Saudi Arabia’s commitment to cultivating a thriving tech and innovation landscape, supporting startups, and driving digital transformation across various sectors of the economy.
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