Saudi Arabia VC-Backed Tech Startups Deal Value & Count - 2022 vs 2023
25 March 2024•
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In 2023, the venture capital (VC) environment in Saudi Arabia not only demonstrated resilience but also significant growth, establishing the Kingdom as a burgeoning epicenter for tech innovation and entrepreneurship.
Throughout the year, the VC scene saw a remarkable influx of investments totaling US $1.58 billion, distributed across 118 deals.
This represents a substantial increase in investment volume by 61% from 2022 despite a slight 11% decrease in the number of deals.
This growth is particularly striking in contrast to the broader GCC region, which experienced a notable venture capital downturn.
Across the region, total VC funding for tech startups saw a decline of 35% between 2022 and 2023, highlighting a challenging period for venture capital investments.
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