Saudi startups raise $76m

Saudi startups have raised $76 million in the first quarter of 2021, a 137.5 percent rise compared with the previous quarter’s total of $32 million.

According to entrepreneurship platform Wamda, about $396 million was raised from 125 deals in the Middle East and North Africa in the first quarter of 2021.

$396 million was raised from 125 deals in the Middle East

The UAE was home to the biggest share of the deals with 38 deals worth $256 million, while Egypt had 34 deals valued at $22 million, and Saudi Arabia had 28 deals valued at $76 million.

March saw 43 deals recorded worth $170 million, agritech being the biggest sector with $50 million, with logistics ($37.5 million), food tech ($30.2 million), fintech ($26.5 million), mobility (10 million), and e-commerce ($8 million) following closely.

The Kingdom saw a dramatic quarter-on-quarter increase in the number and value of deals, rising by 137% from the 13 deals worth $32 million recorded in the final quarter of 2020.

Triska Hamid, editorial director of Wamda said: “The government’s push towards entrepreneurship is evident in the number of startups that have emerged in Saudi Arabia over the past few years. We are seeing more deal flow in the country and larger ticket sizes.”

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