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Discover the Top 10 Most Funded Startups in Saudi Arabia: A 2023 Overview of Innovation in Riyadh
In 2023, Saudi Arabia emerged as a dynamic hub for startup growth, with half of the ten most funded startups in the MENA region originating from the Kingdom. This surge highlights Saudi Arabia's diverse and vibrant entrepreneurial landscape. Notably, the FinTech sector leads this growth, accompanied by significant advancements in e-commerce and digital platforms.
Tabby raised US $700 million and US $350 million in Debt Financing from JP Morgan and Partners for Growth respectively, as well as US $58 million series C round from Partners for Growth and a US $50 million series D round from Wellington Management, achieving unicorn status with its funds raised totaling up to US $1.7 billion.
The top 10 most funded startups are headquartered in Riyadh, underscoring the city's role as the epicenter of innovation and business development in Saudi Arabia:
Related: The Top 10 Most Funded Saudi Arabia Startups for H1 2024
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The Evolution of Saudi Arabia Startup Ecosystem 2010-2022
As the KSA Startup Ecosystem continues to evolve, this report serves as an indispensable guide for investors, entrepreneurs, and stakeholders eager to navigate its complexities. The first comprehensive overview of Saudi's startup ecosystem, its history, and its future. The Special Report hosts perspectives and insights from many of the country’s most active investors, highlights new investment trends, critical milestones hit by the Kingdom’s fast-growing startup ecosystem, and spotlights a handful of interesting startups coming out of the Kingdom. It is packed full of insights, data, and opinions from the thought leaders and market-makers in the Kingdom. Readers will gain a deep understanding of the unique factors driving Saudi Arabia's entrepreneurial spirit, the challenges faced by startups, and the opportunities that lie ahead. This report serves as an invaluable resource for anyone looking to navigate and invest in this vibrant and rapidly evolving market.
