Investment in Saudi Arabia startups in 2022 nears $1 billion
Saudi Arabia is the second-largest venture capital market in the Middle East, after the UAE.
Venture capital continues to grow in Saudi Arabia, according to a report released Wednesday.
The data analytics platform MAGNiTT said there was $987 million invested in Saudi startups in 2022. This was the most ever and constituted a 72% increase from 2021.The number of newly registered investors in Saudi Arabia last year was 104, which was an increase of 30% from 2021, the official Saudi Press Agency reported Thursday.
MAGNiTT is supported by the Saudi Venture Capital Company, according to the agency. The firm is based in Dubai.
The report noted increased investment throughout the Middle East and North Africa. There was more than $3 billion in venture capital investment in the region in 2022, up from $2.9 billion the year prior.
