Saudi Arabia’s startup funding in the first half of 2025 became more evenly distributed, with the top five disclosed deals accounting for 60% of total capital raised, down from 66% in the same period last year. The data signals a shift towards broader capital deployment across a wider pool of early-stage companies.
According to Magnitt, the market recorded an increase in both the number of deals and the share of non-mega funding rounds, indicating a trend toward healthier deal flow and startup ecosystem maturity.
Fintech and e-commerce continued to dominate the largest disclosed transactions, but the period also saw notable deals in sectors aligned with the kingdom’s economic diversification goals. These included PetroApp in the sustainability sector, Ula.me in edtech, and Merit Incentives in enterprise software, with deal values ranging from $28 million to $50 million.
The broader sectoral spread reflects ongoing efforts under Saudi Arabia’s Vision 2030 to reduce dependence on hydrocarbons and stimulate private-sector innovation. Investors are increasingly backing technology-driven solutions across multiple verticals, suggesting that startup capital is extending beyond traditional consumer-focused platforms.
Ninja
- Industry: E-commerce/Retail
- Month: June
- Stage: Pre-IPO
- Amount: $250 million
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait. The startup’s rapid ascent underscores the region’s growing appetite for fast, tech-enabled consumer services.
Tabby
- Industry: Fintech
- Month: February
- Stage: Series E
- Amount: $160 million
Tabby Payment is a Dubai-based company that provides buy now, pay later services in the UAE and Saudi Arabia. The platform allows users to shop anytime but pay later. No interest or fees are charged on the Tabby Card when you split your purchase into four payments.
PetroApp
- Industry: Sustainable
- Month: June
- Stage: Undisclosed
- Amount: $50 million
Founded in 2018, PetroApp is Saudi Arabia’s first independent provider of digital fuel payment and fleet management solutions. It is transforming vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. Beyond fuel, PetroApp also enables access to ancillary services, such as car washes, oil changes, and tyre and battery replacements, via a seamless, fully cashless platform.
Zension
- Industry: E-commerce / Retail
- Month: January
- Stage: Series A
- Amount: $30 million
Headquartered in Riyadh, Zension is the leading provider of protection, extended warranty and guaranteed buy-back services for mobile devices and consumer electronics plugged into major retailers, telcos and OEMs serving Saudi and UAE markets. With the new funding, Zension will offer customers a new way to buy, own and upgrade their devices through its new vertical Zaam. Having entered the market in 2018, Zension has gathered five year’s worth of data and analytics on customer behaviours, providing insights on when people are most likely to upgrade, which models they will likely buy, and which models are most likely to need repairs.
Merit
- Industry: Enterprise software
- Month: February
- Stage: Series B
- Amount: $28 million
Founded in 2016, Merit operates across the UAE, Saudi Arabia, Kuwait, Egypt and Jordan. With a network spanning over 5,000 brands in over 100 countries, Merit Incentives now serves more than 20 million users. This latest funding follows a $5 million Series A in 2021 and a $12 million Pre-Series B round in mid-2024.
Ula.me
- Industry: Edtech
- Month: February
- Stage: Series B
- Amount: $28 million
ULA was founded by entrepreneur Alaa Jarrar, with a vision to provide equal educational opportunities to children in the Arab world, regardless of their financial capabilities or the environments they come from.
The company seeks to bridge the gap between public and private education by providing high-quality educational content, based on the latest technologies, and allowing students to have a learning experience that adapts to their individual needs.
Wakecap
- Industry: Construction & infrastructure
- Month: May
- Stage: Series A
- Amount: $28 million
WakeCap transforms how construction projects are managed through live, site-wide visibility across workforce, safety, productivity, and progress. Its technology protects and empowers jobsite workers, transforming construction sites into a safer and more reliable place to work. With more than 150 million labor hours tracked and deployments across US$80 billion in active projects – including Aramco, NEOM, Qiddiya, and King Salman Park as well as global projects in the UAE, US and Japan
