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The Top 10 Most Funded KSA Startups for H1 2024
Saudi Arabia’s startup ecosystem is rapidly evolving, driven by the Kingdom’s Vision 2030 goals to diversify the economy and foster technological innovation. Riyadh, the capital, has emerged as the focal point for startup activity, with substantial investments fueling the growth of companies across various sectors such as commerce, fintech, and proptech.
Among the top 10 most funded Saudi startups for the first half of 2024, Salla stands out as the only megaround in the Kingdom. Salla raised US $130 million in a venture series, underscoring its prominence in the B2B commerce sector and setting the stage for a potential IPO.
Other 9 most funded Saudi startups for the first half of 2024 are:
- Moyasar raised US $20.8 million in a seed round to enhance its fintech solutions for secure and flexible electronic payments.
- Iyris obtained US $16 million in a Series A round to advance its agroclimatic technology for sustainable food production in water-scarce regions.
- Mazadak attracted US $10 million in venture funding to innovate digital real estate transactions with virtual reality tours and property management tools.
- Buildnow raised US $9.4 million through a combination of seed and debt financing to streamline raw materials procurement in the construction industry with its fintech solutions.
- BRKZ secured US $8 million in a Series A round to revolutionize construction materials procurement through its B2B marketplace platform.
- WheeKeep raised US $8 million in a Series A round to expand its logistics solutions, focusing on mobile self-storage services in Saudi Arabia.
- Clinicy secured US $5 million in a Series A round to enhance its cloud-based healthtech platform for medical institutions in the Kingdom.
- AlGooru raised US $3.6 million in a seed round to expand its AI-driven tutor matching service in the EdTech sector.
- Ejaro secured US $3.28 million in a seed round to strengthen its peer-to-peer vehicle-sharing marketplace across MENA.
Related Report
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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.
