What Are The Most Funded Startups in Saudi Arabia?
Most Funded Startups in Saudi Arabia
By Lucidity Insights Research Team 02 March 2023

What Are The Most Funded Startups in Saudi Arabia?

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.

Want to stay updated on Saudi’s startup scene? book a free demo now!

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

Author

Lucidity Insights Research Team profile photo

We are a team of passionate Researchers, Data Junkies, and Story-Tellers that believe there is not enough quality business insights and compelling data analysis available in the marketplace, told in the formats users want. We want to give an insider's look into the industries, businesses and economies that are changing the world today, so our users can become inspired, empowered and equipped to run their businesses as best they can.

Related Report

Riyadh Startup Ecosystem

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.