In 2023, Saudi Arabia topped MENA in Venture Capital (VC) funding for the first time, marking a pivotal milestone in its economic growth under the Saudi Vision 2030, according to MAGNiTT.
In 2023, Saudi Arabia garnered the largest portion of total VC funding in the MENA region, claiming 52% of the overall capital deployed, a substantial increase from the 31% recorded in 2022. This surge indicates a remarkable 33% growth in funding directed towards Saudi Arabian startups compared to the previous year.
Saudi Venture Capital Investment Company
SVC, an investment company established in 2018, operates as a subsidiary of the SME Bank, affiliated with the National Development Fund. SVC’s primary objective is to foster sustainable financing for startups and SMEs, spanning from pre-Seed to pre-IPO stages, achieved through investments in funds and co-investment opportunities with startups and SMEs.
“We are proud that SVC’s strategy contributed to the development of the VC ecosystem in the Kingdom, as it was ranked fourth in the region in terms of the amount of VC funding in 2018, to be the top country in the region in 2023,” said Dr Nabeel Koshak, CEO and Board Member at SVC. “The funding deployed into Saudi Arabian startups grew 21 times in 2023 versus 2018, the year SVC was launched.”
