The funding deployed to Saudi Arabian startups grew by 244 percent to a record-high of 2.19 billion riyals ($584 million) in H1 2022 versus H1 2021 and surpassing the total amount deployed in full-year 2021.
Although 2021 was a positive year for venture funding in the Kingdom, H1 2022 witnessed unprecedented VC deployment, setting a new record in the amount of VC funding, according to the report published by the venture data platform, MAGNiTT, and sponsored by the Saudi Venture Capital (SVC).
Saudi advanced to become the second-most active VC market in MENA by a number of deals, which rose by 36 percent to 79 deals in H1 2022 versus H1 2021 while maintaining its position as the second-most funded market in MENA over H1 2022.
A record-high of 88 investors participated in deals closed by Saudi startups in H1 2022, up 126 percent versus H1 2021, where 42 percent of the investors were from outside the Kingdom.
