The “2024 Saudi Arabia Venture Capital Report” revealed that Saudi Arabia achieved a record number of 178 venture capital (VC) deals in 2024, accounting for 31% of the MENA region’s total number of deals. The Kingdom also maintained its first rank across the MENA region in terms of VC funding for the second year in a row.

The report published today by the venture data platform MAGNiTT and sponsored by SVC also reveals a 34% increase in funding for VC deals in the Kingdom valued at less than $100M (SAR 375 million) in 2024 compared to 2023. This growth indicates a positive trend towards supporting early-stage startups, enhancing the opportunities for the Kingdom’s VC ecosystem to progress to later stages.

According to the report, E-commerce ranked first among sectors in Saudi Arabia, accounting for 33% of the country’s capital deployed in 2024, with a value of $247 million (SAR 926 million). Fintech led the scene in terms of the number of deals, accounting for 18% of the total number of VC deals in the Kingdom.

Commenting on the report, Dr. Nabeel Koshak, CEO and Board Member at SVC, said: “The steady growth of the Saudi VC ecosystem in recent years has enabled it to maintain its leading position in the MENA region and achieve a record number of VC deals in 2024. This growth directly results from the country’s commitment to realizing the Saudi Vision 2030, which emphasizes fostering entrepreneurship and stimulating investment in startups, where several initiatives and programs have been launched to support the rapid development of the VC ecosystem in Saudi Arabia.”

SVC is an investment company established in 2018 and is a subsidiary of the SME Bank, one of the development banks affiliated with the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in private capital funds (venture capital, private equity, venture debt and private credit) as well as direct investment in startups and SMEs.

Saudi Arabia Achieves A Record Number of Venture Capital Deals and Maintains Its First Rank Across MENA