The “2024 Saudi Arabia Venture Capital Report” by MAGNiTT revealed that Saudi Arabia secured 178 venture capital (VC) deals in 2024, representing 31% of the MENA region’s total deals. The Kingdom also maintained its top position in VC funding across MENA for the second consecutive year.
The report highlights a 34% increase in funding for Saudi VC deals valued under $100 million (SAR 375 million) compared to 2023, indicating enhanced support for early-stage startups.
Sector-wise, E-commerce led with 33% of the country’s capital deployment in 2024, amounting to $247 million (SAR 926 million). Fintech recorded the highest number of deals, accounting for 18% of the total VC transactions in Saudi Arabia.
“The steady growth of the Saudi VC ecosystem in recent years has enabled it to maintain its leading position in the MENA region and achieve a record number of VC deals in 2024,” said Dr Nabeel Koshak, CEO and Board Member at Saudi Venture Capital Company (SVC). He attributed this progress to initiatives aligned with Saudi Vision 2030, aimed at fostering entrepreneurship and stimulating startup investments.
SVC, established in 2018 as a subsidiary of the SME Bank under the National Development Fund, aims to stimulate financing for startups and SMEs from pre-seed to pre-IPO stages through investments in private capital funds and direct investments.
