Technology startups incubated by the Badir Program for Technology Incubators and Accelerators, an initiative of King Abdulaziz City for Science and Technology, raised nearly SAR 110 million ($29.32 million ) across 63 funding deals, it said in a statement on Monday.
Individual investors were the most active in terms of funding size, pumping SAR 40.69 million into startups last year followed private sector companies which invested SAR 35.20 million. Venture capital firms invested SAR 30.68 million as government funding into startups reached SAR 3.54 million.
“The Saudi startup industry is seeing bright prospects with funding activity gaining pace in the second half of 2018. I am optimistic that we will see the surge in investments and opportunities in the seed round and angel funding for startups this year. Series A and Series B are bullish as well, given the thriving and expanding Saudi startup industry," said Nawaf Al Sahhaf, CEO of Badir Program.
Saudi startups have a wide range of financing options as funding volumes in the local market has increased steadily, with a lot of fresh money flowing into seed and early-stage companies, he noted.
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