Which Are the Most Funded Startups in Saudi Arabia?

Saudi Arabia's startup ecosystem is growing rapidly, thanks to Vision 2030 and increasing investor interest. But which startups secured the most funding in 2022?

Which Saudi Startups Raised the Most in 2022?

Here are the top 10 most funded startups in Saudi Arabia based on disclosed investments:

1. Tamara – $215.6M (FinTech)

• What does Tamara do?

  • A leading Buy Now, Pay Later (BNPL) platform enabling consumers to split payments.

2. stc pay – $200M (FinTech)

• Why is stc pay significant?

  • A major digital wallet solution for seamless online and offline transactions.

3. Foodics – $198M (FoodTech)

• How does Foodics innovate in FoodTech?

  • Provides cloud-based restaurant management and POS systems for the F&B industry.

4. Unifonic – $146M (Enterprise SaaS)

• What is Unifonic’s main service?

  • AI-powered customer engagement and communication solutions for businesses.

5. Sary – $112.1M (B2B Commerce)

• What makes Sary a key player?

  • A B2B marketplace connecting suppliers and businesses for wholesale trade.

6. Nana – $79M (eGroceries)

• How does Nana transform grocery shopping?

  • An on-demand grocery delivery app optimizing supply chain logistics.

7. Zid – $58.9M (eCommerce SaaS)

• What problem does Zid solve?

  • Helps businesses launch, manage, and scale online stores with SaaS solutions.

8. HyperPay – $50.5M (FinTech)

• Why is HyperPay important in Saudi’s fintech sector?

  • A leading payment gateway supporting eCommerce and digital transactions.

9. Most Caffeine – $50M (Blockchain)

• What industry does Most Caffeine focus on?

  • Develops blockchain-powered solutions for businesses.

10. Retailo – $45M (B2B Retail SaaS)

• How does Retailo support retailers?

  • A B2B eCommerce platform helping small businesses and retailers source inventory.

Which Other Saudi Startups Received Notable Funding?

Several other startups also made an impact in 2022, including:

• Master Works – $40M (PMO SaaS)

• Red Sea Farms – $38.8M (AgTech)

• Lean – $36.5M (FinTech)

• Jahez – $36.5M (Food Delivery)

Why Is FinTech the Most Funded Sector?

FinTech has emerged as Saudi Arabia’s most heavily funded sector, with 4 out of the top 10 startups belonging to this category. Tamara and stc pay alone raised over $200M each, highlighting how digital payments and financial technology are driving innovation across eCommerce, logistics, and retail.

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Related links: The Growing Number of Active Fintech Companies in Saudi Arabia