Saudi Arabia achieved a record number of 178 venture capital (VC) deals in 2024, accounting for 31 percent of the MENA region’s total number of deals, a new report suggests.
The 2024 Saudi Arabia Venture Capital Report revealed that the Kingdom also maintained its first rank across the MENA region in terms of VC funding for the second year in a row.
The report published by the venture data platform MAGNiTT and sponsored by SVC also reveals a 34 percent increase in funding for VC deals in the Kingdom valued at less than $100 million (SAR375 million) in 2024 compared to 2023. 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.
E-commerce and Fintech lead sectors
According to the report, E-commerce ranked first among sectors in Saudi Arabia, accounting for 33 percent of the country’s capital deployed in 2024, with a value of $247 million (SAR926 million). Fintech led the scene in terms of the number of deals, accounting for 18 percent of the total number of VC deals in the Kingdom.
Read more: Saudi Arabia launches $120 million in venture funds to boost gaming, esports sector
Commitment to Saudi Vision 2030
SVC CEO and Board Member Dr. Nabeel Koshak 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 realizing the Saudi Vision 2030, which emphasizes 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.”
