The Top 10 Most Funded Startups in the KSA for H1 2024

Just like every other landscape in Saudi Arabia lately, the Kingdom’s startup ecosystem indicates an investment interest that aligns with Saudi Vision 2030’s goals of economic diversification and technological advancement. Riyadh appears to be the epicenter of startup activity, and the top 10 most funded startups in Saudi Arabia for the first half of 2024 range from commerce to fintech and proptech, underscoring high investor confidence in scalable platforms that cater to SMEs and integrate regional specificities such as local payment methods and language support. 

Let's take a closer look at the top 10 most funded startups in the KSA for H1 2024. 

1. Salla | B2B Commerce (KSA) | US $130 Million Venture Series Unknown  

Salla is an e-commerce platform that has been providing SMEs and aspiring entrepreneurs in the KSA with a proprietary SaaS solution to deliver on their e-commerce ambitions since 2016. It supports Arabic, ensuring businesses can operate and customers can shop in their native language, offers payment solutions that cater to regional preferences, including local payment methods like SADAD in Saudi Arabia, to support transactions in local currencies, and facilitates integration with local and regional online marketplaces, broadening access to customers and sales channels. 

In March 2024, Salla secured a US $130 million pre-IPO investment round in 2024, led by Investcorp, with contributions from Sanabil Investment and STV. The capital injection was intended to accelerate Salla's growth in preparation for its potential public market debut, and Nawaf Hariri, CEO and co-founder of Salla, expressed gratitude for the trust and investment from Investcorp and Sanabil, highlighting it as a testament to their confidence in Salla's vision and potential. 

 

2. Moyasar| FinTech | US $20.8 Million Seed Round 

Founded in 2015 by Abdulaziz Alshetwi and Basem Aljedai, Moyasar is an online payment gateway specialized in providing electronic payment solutions designed to be secure, intuitive, and flexible. Its products include API for processing payments, a JavaScript library for accepting major payment methods, software development kits, e-commerce plugins, and tools for creating custom payment forms as well as payment links.  

In March 2024, Moyasar raised US $21 million in a Seed Round led by Jahez International Company to create new solutions and continue developing its current offerings. 

 

3. Iyris | Renewable Energy | US $16 Million Series A 

Formerly known as Red Sea, Iyris is an innovative AgriClimate Tech company founded in 2018 by Professor Derya Baran, Professor Mark Tester, and Dr. Ryan Lefers, all of whom are associated with King Abdullah University of Science and Technology (KAUST). Iyris specializes in developing agroclimatic technology aimed at sustainable food production in water-scarce regions. Its flagship product is the SecondSky greenhouse technology, which includes near infrared heat radiation blocking nets that help extend growing seasons for crops, as well as soon to be launched shade screens that will further aid in climate control.  

In May 2024, Iyris raised US $16 million in a Series A round led by the San Francisco-based Ecosystem Integrity Fund. The funding will allow Iyris to increase sales and deliver its strong international pipeline for its patented SecondSky greenhouse covers and nets in the UAE, Saudi Arabia, Egypt, Morocco, Spain, Portugal, Mexico and North America.  

 

4. Mazadak | Marketplace, B2B | US $10 Million Venture Series Unknown

 

Founded in 2021 by Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Mazadak is an online platform that is revolutionizing the auction industry in the KSA through its e-commerce marketplace. Mazadak simplifies the auction process by connecting buyers and sellers through its online platform, enhancing transparency and efficiency in the bidding process for all sorts of items from cars and watercraft’s to auctions and more.   

In March 2024, Mazadak raised US $10 million in a funding round led by Revival Lab and several family offices in the region. The round closed during LEAP 2024 as part of the company’s investment and funding strategy towards auction process improvements, online capabilities with AI, and expansion into new markets. 

 

5. Buildnow | Proptech, BuildTech | US $9.4 Million Seed, Debt Financing 

Founded in 2022 by Abdulla Sheikh, Hisham AlSaleh, and Rahat Dewan, Buildnow is a FinTech that provides short-term raw materials financing for the construction sector. Its products are designed to streamline the procurement and financing process for construction materials, including their Build Now Pay Later solution which allows businesses to purchase construction materials and pay later as well as their digital platform for assessing credit risk using various data points and selling purchasing materials on credit terms from Buildnow.  

In March 2024, Buildnow raised US $9.4 million equity and debt financing in a seed round led by Khwarizmi Ventures and Raed Ventures. Buildnow is using the funds to grow its team and strengthen its position in the construction SME supply chain. 

 

6. BRKZ | PropTech | US $8 Million Series A 

Founded in 2022 by Ibrahim Manna, BRKZ is a construction tech startup aiming to revolutionize the construction industry in MENA. Designed to streamline the procurement of construction materials, its app is a B2B marketplace which connects contractors with a wide range of suppliers, ensuring competitive pricing and quality assurance while facilitating bulk order customization and negotiation. 

In March 2024, BRKZ raised US $8 million in a Series A funding round led by 9900 Capital and BECO Capital. BRKZ has dedicated the funds to expanding its footprint across Saudi Arabia and beyond in its aims to becoming a one-stop-shop for the construction industry in the region. 

 

7. WheeKeep | Logistics | US $8 Million Series A 

Founded in 2020 by Amr Almarzouki, WheeKeep is a logistics specialized in mobile self-storage solutions for both individuals and businesses. It offers weather-resistant and secure mobile storage units through an online booking and management system for easy access, control, and delivery. 

In May 2024, WheeKeep raised US $8 million in a Series A funding round led by American investor FinTech Collective with participation from local investors. The news funds are dedicated to WheeKeep's expansion in the Saudi market and beyond. 

 

8. Clinicy | HealthTech | US $5 Million Series A 

Founded in 2017 by Prince Mohammed Al Faisal, Abdullah Alobaid, and Talal Al Hussain, Clinicy is a healthtech startup offering its cloud-based SaaS platform designed to enhance the management of medical institutions in the KSA. It features tools for managing patient records and appointments, offers remote consultations and follow-ups. 

In January 2024, Clinicy raised US $5 million in a Series A funding round led by Middle East Venture Partners (MEVP). The funds are dedicated to Clinicy’s expansion across the Saudi Arabian market and the development of its ‘Interconnected HealthTech Ecosystem’ to support the evolution of HealthTech in line with the Kingdom’s Vision 2030 goals to transform healthcare efficiency and accessibility. 

  

9. AlGooru | EdTech | US $3.6 Million Seed Round 

Founded in 2021 by Khalid W Abou Kassem, AlGooru is an EdTech startup that connects students with private tutors for over 200 academic, vocational, and recreational subjects. Its tutor matching service uses AI to pair students with the most suitable tutors for personalized, long-term learning solutions. 

In March 2024, Algooru raised US $3.6 million in Seed funding from Constructor Capital to expand its growth in within Saudi Arabia. 

 

10 . Ejaro | Marketplace, Mobility | US $3.28 Million Seed Round 

Founded in 2019 by Mohamad Khashoggi, Ejaro is a peer-to-peer vehicle-sharing marketplace in the KSA that connects local vehicle owners with individuals looking to rent vehicles. Its platform offers both economic and luxury model vehicles with rental prices up to 40% cheaper than traditional rental companies. 

In January 2024, Ejaro raised US $3.3 million in a Seed round led by Tawuniya, which is being used for expansion and to strengthen its position in in the car rental industry across MENA.