{"id":85903,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/"},"modified":"2024-05-07T00:00:00","modified_gmt":"2024-05-07T00:00:00","slug":"saudi-startups-raised-a-combined-usd-4-8-mn-in-april","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/","title":{"rendered":"Saudi startups raised a combined USD 4.8 mn in April"},"content":{"rendered":"

Three Saudi startups raised a combined USD 4.8 mn in April 2024<\/strong>, Wamda<\/a> reports. That\u2019s a 60% y-o-y increase compared to the USD 3 mn three Saudi startups raised in April 2023, according to Enterprise calculations based on Wamda figures from last year<\/a>. <\/p>\n

Who raised money: <\/strong>Homegrown B2B SaaS procurement platform Penny Software raised an<\/a>undisclosed amount<\/a> in a pre-series A funding led by Dubai-based venture capital firm Iliad Partners last month. Wamda does not provide further information on the two other startups it says raised funding last month.<\/p>\n

A sharp decline on a monthly basis: <\/strong>Local startup investments dropped 97% m-o-m in April, after lining up USD 198 mn<\/a> in funding in March from 25 transactions, including a USD 130 mn pre-IPO round for e-commerce app Salla<\/a>. The weaker m-o-m figure is partially due to the base effect from a jump in investments made at tech event Leap 2024<\/a> in Riyadh.<\/p>\n

THE REGIONAL PICTURE-<\/p>\n

Investments in MENA startups rose 7x y-o-y to USD 55 mn <\/strong>in April<\/strong>, according to our math. Meanwhile, that figure shrank 78% on a monthly basis with startups landing USD 254 mn in March 2024<\/a>.<\/p>\n

UAE reclaims top position in April,<\/strong> eclipsing KSA<\/strong>: <\/strong>UAE-based startups raised a combined USD 32 mn across six transactions last month, followed by Egyptian companies, with five startups raising a combined USD 8.7 mn. UAE fintech Fortis Digital Solutions<\/a> bagged the highest ticket of the monthat USD 20 mn in a series A round, followed by Dubai-based e-commerce platform Wee Marketplace<\/a> at USD 10 mn in a pre-series A round. Tunisia\u2019s AI company Qodek bagged USD 8 in series B funding.<\/p>\n

Fintech is king: <\/strong>Four fintech companies from the region bagged USD 25.7 mn in April, followed by ecommerce at USD 10.5 mn, AI companies at USD 8 mn, and SaaS providers at USD 3.5 mn. The bulk of funding went to companies that are at stages beyond the seed level.<\/p>\n

Investors are bullish on B2B startups<\/strong>, with USD 42.5 mn raised by B2B companies across 12 transactions, while B2B2C companies landed USD 11 mn, and those with a B2C model bagged USD 1.2 mn.<\/p>\n

Only one female founder was funded in April with a slim USD 100k<\/strong>, while male-founded startups reeled in USD 43 mn during the month. The remaining USD 11.9 mn went towards startups with mixed-gender leadership.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total investments in MENA startups rose 7x y-o-y during the month<\/p>\n","protected":false},"author":1,"featured_media":85904,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2556],"tags":[1541,10,208,31,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-ecommerce","tag-enterpriseam-ksa","tag-fintech","tag-investment-watch","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"da82600a-6afe-43b7-a9c8-2653c1138f7a","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/361.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi startups raised a combined USD 4.8 mn in April","related_issue":[85884],"teaser":"Total investments in MENA startups rose 7x y-o-y during the month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.f95e7cb8-02ea-4b73-ac5f-a9640a9d983d.mp3"},"yoast_head":"\nSaudi startups raised a combined USD 4.8 mn in April - 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