The Bold Investment Report in the Kingdom of Saudi Arabia revealed that a record 3.701 billion riyals ($987 million) was invested in Saudi startups in 2022, leading to a 72% growth compared to 2021.
A report released by Saudi Venture Investment Company-sponsored venture capital investment data platform MAGNiTT confirmed that while 2021 was a record year for venture capital investment in the Kingdom, 2022 witnessed unprecedented growth as the value of venture capital investments were locked in. .introduced a new entry.
The Kingdom achieved the highest growth rate of venture capital investment in 2022 compared to other countries in the Middle East and North Africa region, and the Kingdom was able to maintain its position as the second largest market in terms of venture capital investment among countries. region in 2022, accounting for 31% of total investment in the region compared to 21% in 2021, according to the Saudi press agency SPA.
The Kingdom’s VC system recorded a new record of 104 investor participation during 2022, and the number of investors increased by 30% compared to 2021, with twice as many startup exits recorded in the Kingdom in 2022 compared to the previous year. per year, only 10 exit transactions.
Dr. Nabeel bin Abdul Qadeer Koshak, CEO and Member of the Board of Directors of the Saudi Venture Capital Investment Company, said that the unprecedented growth of venture capital investments in the Kingdom was the result of the launch of many government initiatives that stimulate the system of venture capital investments and start-ups under the Saudi Vision 2030, in addition to the emergence of a growing number of investors Active private investors and innovative entrepreneurs.
He added: “At the VC Kingdom, we are determined to continue to motivate private sector investors to in turn support start-ups and SMEs so that they can grow rapidly and significantly, leading to the diversification of the national economy. Economy and Achievement of the Saudi Vision 2030 Goals”.
Notably, the Saudi Venture Investment Company is a state-owned investment company with a total fund size of $1.5 billion. It was established in 2018 to stimulate and support funding for start-ups and small and medium-sized enterprises at the pre-creation stage. to pre-IPO by investing in investment funds. Bold and private property.
Since its inception, the company has supported 31 investment funds that have invested in 525 emerging companies and small and medium enterprises.
