In 2023, Saudi Arabia emerged as the frontrunner in MENA’s Venture Capital (VC) funding, marking a significant stride in its economic journey under Saudi Vision 2030. Securing 52% of MENA’s Venture Capital (VC) funding, a notable rise from 31% in 2022, reflects a robust 33% increase in startup investments, reinforcing its regional economic prominence.
Within Saudi Arabia’s investment landscape, FinTech stands out as the premier industry, symbolizing the nation’s technological advancement and financial innovation. Meanwhile, Retail/E-Commerce commands a substantial 31% share, indicating its pivotal role in shaping the Kingdom’s economic landscape.
According to MAGNiTT’s report published on January 4, 2024, the top industries by total funding in The Kingdom in 2023 were as follows:
- FinTech: $704M
- E-Commerce/Retail: $428M
- Enterprise Software: $52M
- EdTech: $50M
- Healthcare: $30M
Source: KSA Venture Report FY2023