The Saudi Venture Capital Ecosystem Aggregated A Record-breaking $1.4Bn in Capital Deployed in 2023
According to the report published today by the venture data platform MAGNiTT, and sponsored by SVC, the Kingdom captured the highest share of total funding in the MENA region in 2023.
- According to the report published today by the venture data platform MAGNiTT, and sponsored by SVC, the Kingdom captured the highest share of total funding in the MENA region in 2023.
- VC funding in Saudi Arabia accounted for 52% of the total capital deployed in the region in 2023, increasing from 30% in 2022.
- 2023 also achieved a new record for the Kingdom’s MEGA deal (more than $100M) funding, which stood at $879M (SAR 3.3Bn) across 4 deals, where the Saudi deals captured 77% of all MENA mega deals.
- This is demonstrated by the launch of several initiatives and programs that contributed to the evolvement of the VC ecosystem in Saudi Arabia at an unprecedented pace”.