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The value of venture capital (VC) funding in Saudi Arabia rose 33% year-on-year (YoY) to $1.38 billion in 2023, MAGNiTT said in its “MENA Venture Investment Summary” for 2023.
The number of deals reached 125 last year.
VC funding in Saudi Arabia accounted for 52% of the total capital deployed in the MENA region in 2023, increasing from 30% in 2022.
The following table shows the number of deals and value:
|
Number of VC Deals and Value Since 2018* |
|||
|
Year |
No. of Deals |
Deals Value ($ mln) |
Change |
|
2018 |
56 |
59 |
-- |
|
2019 |
73 |
116 |
+97% |
|
2020 |
92 |
154 |
+33% |
|
2021 |
152 |
589 |
+282% |
|
2022 |
157 |
1040 |
+77% |
|
2023 |
125 |
1383 |
+33% |
The data also showed that the Kingdom witnessed a record number of mega deals, with four deals raising a combined $879 million in 2023, a 138% YoY growth.
The following table shows the largest VC deals announced in Saudi Arabia during 2023:
|
Largest VC Deals in Saudi Arabia in 2023 |
|
|
Deal |
Investment Value ($ mln) |
|
Tamara |
340 |
|
Tabby |
200 |
|
Floward |
156 |
|
Nana |
133 |
|
Sary |
50 |
|
Total |
879 |
Saudi Arabia secured the first place in the MENA region in VC value, commanding a 52% share of total funding, followed by the UAE with $691 million.
Meanwhile, the Kingdom accounted for 26% of the total deals in the region, taking second place after the UAE.
|
VC Funding in MENA Countries in 2023 |
|||
|
Country |
No. of Deals |
Value ($ mln) |
Change (YoY) |
|
Saudi Arabia |
125 |
1383 |
+33% |
|
UAE |
158 |
691 |
(45%) |
|
Egypt |
69 |
378 |
(30%) |
|
Morocco |
28 |
81 |
+193% |
|
Bahrain |
-- |
44 |
(82%) |
Fintech was the most preferred sector, capturing $704 million of the Kingdom’s total VC funding in 2023, a rise of 181% YoY. The sector constituted 51% of the total VC investment in the Kingdom, thanks to Tabby and Tamara deals.
E-commerce came second, with about $428 million, increasing 153% YoY. The sector accounted for 31% of total VC investments.
The table below shows the top five sectors in terms of VC value during 2023:
|
Saudi Arabia’s Top Five Sectors by VC Value in 2023 |
||
|
Sector |
Value ($ mln) |
Change (YoY) |
|
Fintech |
704 |
+181% |
|
E-Commerce/Retail |
428 |
+ 153% |
|
Enterprise Software |
52 |
(17%) |
|
EducationTechnologies |
50 |
+6% |
|
Healthcare |
30 |
+484% |
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