The Evolution of Saudi Arabia's Startup Ecosystem 2010-2022

Articles

Saudi Arabia's Hakbah Successfully Closes $2 Million Pre-Series A Funding Round Led by Global Ventures and Aditum

Saudi Fintech Hakbah Closes $2 Million Pre-Series A Funding Round

Fintech

PIF-Backed Savvy Games Buys Scopely for $4.9 Billion in Major Gaming Industry Deal

Saudi Arabia's PIF-Owned Savvy Games Acquires Scopely for $4.9 Billion

Entertainment

Saudi Arabia

Saudi’s Young & Tech Hungry Consumer Base

Saudi’s Young & Tech Hungry Consumer

Entrepreneurship

Vision 2030 and Entrepreneurship in Saudi

What Are the Key Entrepreneurship Conferences I Need to Attend in Saudi Arabia?

Meet the Key Stakeholders and Supporters of Entrepreneurship in Saudi Arabia

Who Are the Key Stakeholders and Supporters of Entrepreneurship in Saudi Arabia?

Wa’ed Ventures: Looking Back on the Last Decade of Saudi Arabia’s Start-up Ecosystem

Biban 2023 Forum Shows Saudi Arabia's Commitment To Become A Leading SME Hub

Saudi Arabia's Biban 2023 Forum Shows The Kingdom's Commitment To Become A Leading SME Hub

Saudi NFT Platform Startup Nuqtah raises seed funding from Animoca Brands and Polygon

Saudi NFT Startup Nuqtah raises seed funding from Animoca Brands and Polygon

Cofe Raises $15M in Series B Funding Round Led by Aramco's Wa'ed Ventures & eWTP Arabia Capital, Led by Jerry Li

COFE App Raises $15 Million in Series B Funding Round Led by Wa'ed Ventures & eWTP Arabia Capital

Who Are the Top Angel Investor Groups in Saudi Arabia? A Guide for Startups

Who Are the Top Angel Investor Groups in Saudi Arabia?

Meet the Top Accelerators in Saudi: A Guide to the Most Notable Programs for Startups

Top Accelerators in Saudi: A Guide to the Most Notable Programs for Startups

What Are The Most Funded Start-Ups in Saudi Arabia?

What Are The Most Funded Startups in Saudi Arabia?

How Saudi Arabia’s Startup Funding Skyrocketed in 2022

How Saudi Arabia’s Start-up Funding Skyrocketed in 2022

What Are the Future Trends in the Saudi Startup Investment Landscape?

What Are the Future Trends in the Saudi Start-up Investment Landscape?

What Are the Latest Trends in Saudi’s Startup Ecosystem?

How the Saudi Government Has Streamlined the Kingdom for Fintech

Meet the Top 8 Most Active Venture Capitals in Saudi Arabia

Meet the Most Active Investors in Saudi Arabia

7 Career Advice from Saudi Women Venture Capitalists to Those Aspiring to Enter VC

Woman to Woman: Advice from Saudi Investors to Those Aspiring to Enter Venture Capital

Special Feature: Women in Saudi’s VC Ecosystem

Women in Saudi’s Venture Capital Ecosystem

Saudi Arabia's Wa'ed Ventures Invests In Paris-Based PASQAL And Tokyo-Based Terra Drone As Part Of Its New Global Agenda

Economies

Venture Capital in Kingdom Grows by 72% in 2022

Venture Capital in Kingdom Grows by 72% in 2022 with Record Total of around USD1 Billion

Global Entrepreneurship Congress 2022 In Riyadh Sees Almost US$8 Billion In Investments Announced On Its Second Day

Infobytes

The Three Pillars of Saudi Vision 2030

The Growing Number of Active Fintech Companies in Saudi Arabia: The Statistics

The Growing Number of Active Fintech Companies in Saudi Arabia

Top Countries with Highest Internet Penetration Growth Rate

Saudi Arabia's E-commerce Sales as a Percentage of Retail Sales in 2020, in comparison to other Economies

Infographic: Key Milestones in Saudi Arabia’s Start-up Ecosystem

Key Milestones in Saudi Arabia’s Start-up Ecosystem

Saudi Arabia's Population by Age and Gender (2021 Data)

Saudi Arabia's Population by Age and Gender

See Infographic: Adoption of Digital Payments in Saudi Arabia

Adoption of Digital Payments in Saudi Arabia

Discover the Top 8 Investors in Saudi-Born Startups

Who Are The Most Active Investors in Saudi-Born Startups?

The Timeline of Saudi Arabia’s Startup Investment Ecosystem Development

Top 10 Most Funded Startups in Saudi Arabia until 2022

Saudi Unicorn Jahez's Growth Between 2021 to 2022

Jahez's Growth from 2021 to 2022

Jahez's Journey and Key Milestones in Reaching 100 Million Orders

FoodTech

Special Reports

India

Special Report: "The Growing Business of Foodtech"

The Growing Business of Foodtech

Special Report: "Opportunities in Web3"

Opportunities in Web3

Crypto, Blockchain & Web3

Dubai's Venture Capital Ecosystem

The Future of Fintech in Africa

Diriyah and the Giga Projects: Defining the New Saudi Arabia

Tourism

Saudi Arabia's Startup Ecosystem Evolution 2010-2022

Dubai's Digital Economy and Its Growing Startup Ecosystem

Dubai’s Digital Economy and Its Expanding Startup Ecosystem

MENA's M&A Landscape 2017-2022: A Comprehensive Review

The Middle East & North Africa’s M&A Landscape 2017-2022

Sustainable Innovations and Startups in the MENA Region

Sustainability & ClimateTech

Innovations In International Trade

Egypt's Burgeoning Start-Up Ecosystem

Dubai’s Roadmap to Becoming the Digital Economy Capital of the World

The Electric Vehicle Revolution: Growth & Challenges Ahead

The Electric Vehicle Revolution Has Arrived

Bringing The World to Saudi

Shaping the Future of Fintech in MENA

Shaping The Future of Fintech

An ultimate guide to fintech in the Kingdom of Saudi Arabia

The Crypto Universe: Insights into Blockchain & DeFi

The Crypto Universe

Primed for Growth Cloud Kitchens in the GCC

Primed for Growth: Cloud Kitchens in the GCC

<p><a href="https://waed.net/">Wa&rsquo;ed Ventures</a>, a $500 million venture capital fund backed by Aramco, published a comprehensive report on the evolution and current state of the Saudi startup ecosystem in partnership with<a href="https://www.entrepreneur.com/me"> Entrepreneur Middle East</a> and<a href="https://lucidityinsights.com/"> Lucidity Insights</a>.</p>

<p>The Special Report titled,&nbsp;<a href="http://lucidityinsights.com/reports/the-evolution-of-saudi-arabias-startup-ecosystem-2010-2022">&ldquo;The Evolution of the Saudi Startup Ecosystem: 2010-2022&rdquo;</a>, hosts perspectives and insights from many of the country&rsquo;s most active investors, highlights new investment trends, critical milestones hit by the Kingdom&rsquo;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.</p>

<p><strong>Fahad Alidi, </strong>Wa&rsquo;ed Venture&rsquo;s Managing Director said,<em> &ldquo;over the past few years, the Saudi entrepreneurial ecosystem has undergone a transformational leap due to the unprecedented support from regulators, investors, and startup founders whom together established an unshakeable triplicity that placed the local innovation scene on the map.&rdquo; </em>It is this transformational leap that the<a href="http://lucidityinsights.com/reports/the-evolution-saudi-arabias-startup-ecosystem-2010-2022"> Special Report</a> seeks to capture, while asking the market makers what we can expect to see more of in the years to come.</p>

<h2>Rapid Rise: Saudi Startup Fundraising Reaches New Heights Surpassing $1 Billion in 2022</h2>

<p>It&#39;s a significant year to draw a line in the sand as a benchmark year for the Kingdom&rsquo;s tech ecosystem, as 2022 was the first year Saudi startups collectively raised over US $1 billion in funding. It is a remarkably quick rise, when one only needs to look back five years to see a time when Saudi-born startups raised just over $50 million in a 12 month period. It&rsquo;s no wonder then, that 90% of the Kingdom&rsquo;s venture capitalists were established after 2017. It&rsquo;s an even more astonishing feat when one compares the speed of Saudi&rsquo;s tech ecosystem growth to neighboring regional front-runner, the United Arab Emirates, who only broke through the US $1 billion ceiling just one year prior.</p>

<p><img alt="Startup Funding Value" src="https://cdn.lucidityinsights.com/uploads/saudi-venture/articles/launch/saudi-startup-funding.jpg" /></p>

<p>In this time, Saudi has not only established and fostered a tech ecosystem, but nurtured it fervently enough to birth its first batch of unicorns. Saudi Digital Payments Company, more commonly known as<a href="https://lucidityinsights.com/spotlights/stcpay--saudis-first-unicorn"> STC Pay</a>, established itself in 2018 and subsequently became a unicorn in 2020 when<a href="https://lucidityinsights.com/spotlights/stcpay--saudis-first-unicorn"> Western Union acquired a 15% stake for US $200 million</a>. <a href="https://lucidityinsights.com/search/results?keyword=jahez">Jahez</a>, Saudi&rsquo;s home-grown online food-delivery service player, <a href="https://lucidityinsights.com/search/results?keyword=saudi%20unicorn">is the Kingdom&rsquo;s newest unicorn, which achieved unicorn status when it IPOed</a> on Saudi&rsquo;s secondary market, raising US $2.4 billion.</p>

<h2>Diverse Saudi Startup Scene: From AI/ML to Space Tech and NFTs, Opportunities to Start a Business in Saudi Arabia Abound</h2>

<p>Beyond <a href="https://lucidityinsights.com/topics/fintech">fintechs</a> and <a href="https://lucidityinsights.com/topics/food-tech">foodtech</a> startups, the Kingdom is also making waves with the breadth and depth of startups emerging. For example, <a href="https://lucidityinsights.com/search/results?keyword=hazen">Hazen.ai</a> is a Saudi-born AI/ML startup using computer vision and deep learning in order to make roads safer to reduce traffic accidents. <a href="https://lucidityinsights.com/search/results?keyword=oq%20technology">OQ Technology</a>, a European Space Tech startup that closed its series A in 2022 to deploy more nano-satellites to help bring 5G connectivity to the most remote parts of the globe, is also covered. Though OQ Technology is a European startup from Luxemburg, it is currently building its first Satellite Control Center in the Kingdom, and expects to hire 300 Saudis over the course of the next 3+ years, which should certainly add to the Kingdom&rsquo;s deep-tech tapestry. <a href="https://lucidityinsights.com/search/results?keyword=nuqtah">Nuqtah</a>, a local NFT-marketplace, and its first beta site launch gets covered too, along with some insights into their dreams and ambitions of becoming a much larger all-encompassing Web3.0 player.</p>

<h2>Insights from Saudi Venture Capital Leaders: Perspectives on the Past, Present, and Future of Startup Funding in Saudi Arabia</h2>

<p>A highlight in the report is a look-book, of sorts, showcasing some of the most active investors in the Saudi startup ecosystem. The report covers their perspectives on what&rsquo;s happened thus far, and what&rsquo;s to come &ndash; including the creation of more specialized funds, funding gaps moving up the funding value chain to later stage and pre-IPO stages, and increasing number of B2B-focused startups. We speak to the Founders and Partners at <a href="https://lucidityinsights.com/search/results?keyword=waed">Wa&rsquo;ed Ventures</a>, <a href="https://lucidityinsights.com/search/results?keyword=500%20Global">500 Global</a>, <a href="https://lucidityinsights.com/search/results?keyword=impact46">Impact46</a>, <a href="https://lucidityinsights.com/search/results?keyword=KAUST">KAUST Innovation Ventures</a>, <a href="https://lucidityinsights.com/search/results?keyword=raed">Raed Ventures</a>, <a href="https://lucidityinsights.com/search/results?keyword=vision%20ventures">Vision Ventures</a>, <a href="https://lucidityinsights.com/search/results?keyword=stv">STV</a>, <a href="https://lucidityinsights.com/search/results?keyword=Hala">Hala Ventures</a>, and <a href="https://lucidityinsights.com/search/results?keyword=SVC">Saudi Venture Capital Company</a> or SVC, to name a few.</p>

<p><img alt="Startup Funding in Saudi" src="https://cdn.lucidityinsights.com/uploads/saudi-venture/articles/launch/pic.jpg" /></p>

<h2>Breaking Barriers: Women Entrepreneurs and VC Leaders Share Insights on Overcoming Challenges and Advancing Diversity in the Saudi Startup Ecosystem</h2>

<p>A special feature in the <a href="http://lucidityinsights.com/reports/the-evolution-of-saudi-arabias-startup-ecosystem-2010-2022">Special Report</a> also highlights the many women making an impact on the Saudi Venture Capital ecosystem, and asks them &ndash; point blank &ndash; &ldquo;what&rsquo;s it like being a woman in VC in Saudi, and how can we get more female founders and female investors to the table?&rdquo; We get perspectives from the women at the helm at SVC, 500 Global, Impact46, <a href="https://lucidityinsights.com/search/results?keyword=graphene">Graphene VC</a>, <a href="https://lucidityinsights.com/search/results?keyword=outliers">Outliers</a>, and STV.</p>

<p><a href="https://lucidityinsights.com/reports/the-evolution-of-saudi-arabias-startup-ecosystem-2010-2022/read"><img alt="The Evolution Startup Ecosystem in Saudi" src="https://cdn.lucidityinsights.com/uploads/saudi-venture/articles/launch/cover-horizontal.png" /></a></p>

<p><strong>Read the <a href="http://lucidityinsights.com/reports/the-evolution-of-saudi-arabias-startup-ecosystem-2010-2022">Full Report</a> for a full download on their responses, or go directly to the article <a href="http://lucidityinsights.com/articles/women-in-saudis-venture-capital-ecosystem">here</a>.</strong></p>

Spotlights

Wa’ed Ventures: Empowering an Entrepreneurial Ecosystem in Saudi Arabia | Interview with Fahad Alidi

Wa’ed Ventures: Empowering an Entrepreneurial Ecosystem in Saudi Arabia

RAED Ventures' Top Pieces of Advice for Entrepreneurs and Founders

RAED Ventures' Advice for Entrepreneurs and Founders

Envisioning the Future of MENA Startups: Vision Ventures’ Investment Approach

KAUST Innovation Ventures on Closing the Gap in Deep-Tech Startup Investments

Hala Ventures on Supporting Global-Minded Saudi Startups

STV on Creating the Next Digital Giants of the Middle East

IMPACT46's Basmah Alsinaidi on Launching World Class Saudi Unicorns

IMPACT46 on Launching World Class Saudi Unicorns

Interview with Amal Dokhan of 500 Global on Nurturing Early Stage Mena Startups

500 Global On Nurturing Early Stage MENA Startups

Hazen.ai: A Saudi Startup Using Deep Learning AI Technology To Drive Road Safety

Hazen.ai: A Saudi Startup Using Deep Learning To Drive Road Safety

NFT Platform Startup Nuqtah: At the Cross-Section of Saudi's Creative and Digital Economies

Nuqtah: At the Cross-Section of Saudi’s Creative and Digital Economies

Saudi Arabia SpaceTech Startup, OQ Technology: Interview with Founder Omar Qaise

OQ Technology: Space Technology Startup Sets up in Saudi Arabia

What is SVC’s Role in Creating a Healthy Investor Ecosystem in Saudi Arabia

SVC’s Role in Creating a Healthy Investor Ecosystem in Saudi Arabia

Story of Jahez: 5 Years to Unicorn-Dom in Saudi Arabia’s Hypergrowth Consumer-Tech Market

Jahez: 5 Years to Unicorn-Dom in Saudi Arabia’s Hypergrowth Consumer-Tech Market

The Evolution of Saudi Arabia's Startup Ecosystem 2010-2022

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