Startups in Saudi Arabia Raise More than $3 Million Funding in Q2'18

Published August 1st, 2018 - 06:08 GMT
Funding in Saudi Arabia was able to keep pace in Q2 2018, showing strong signs of ecosystem growth in the Kingdom’s market according to The Badir report. (Shutterstock)
Funding in Saudi Arabia was able to keep pace in Q2 2018, showing strong signs of ecosystem growth in the Kingdom’s market according to The Badir report. (Shutterstock)

Saudi Arabia’s technology start-ups incubated by the Badir programme, have successfully raised around SAR 11.66 million ($3.11 million) in Q2 2018, a 7.66 per cent increase from Q1’s SAR 10.83 million ($2.88 million).

The Badir report said that individual investors were the most active in terms of funding size, having injected SAR 7.45 million ($1.98 million) into Saudi start-ups across four deals in Q2, second was capital firms with two deals reaching a combined total of SAR 1.4 million ($373.000), and the funding of the private sector companies reached to SAR 2.80 million ($747.000) approximately through one funding deal, reported local daily, Saudi Gazette.

Additionally, the volume of loans has not exceeded SAR 10,000 ($2,600).

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The number of Badir incubated technical start-ups increased by 18 per cent to reach 228 companies at the end of June 2018, compared to 193 the corresponding period in 2017.

Nawwaf Al Sahhaf, CEO of Badir programme for Technology Incubators, said that Saudi start-ups have a wide range of financing options as funding volumes in the Saudi market have increased steadily, with a lot of fresh money flowing into seed and early-stage companies.

Badir programme is one of the leading programmes of King Abdulaziz City for Science and Technology and was established in 2008 to improve as well as support technical entrepreneurship throughout the Kingdom.

By Kudakwashe


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