{"id":86604,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/"},"modified":"2024-05-28T00:00:00","modified_gmt":"2024-05-28T00:00:00","slug":"saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/","title":{"rendered":"Saudi startups outpace MENA peers on VC funding in 1Q 2024 -Magnitt"},"content":{"rendered":"

Total capital committed by VC firms to Saudi startups fell 42% y-o-y in 1Q <\/strong>2024 to<\/strong> USD 240 mn across 35 transactions<\/strong>, according to venture data platform Magnitt\u2019s 1Q KSA Venture Investment Report<\/a>. Saudi attracted 65% of the total capital raised by startups in the MENA region in 1Q.<\/strong><\/p>\n

Salla led the charge:<\/strong> The pre-IPO round of e-commerce app Salla accounted for more than half of the funds raised during the first quarter of the year, with USD 130 mn in investment tickets<\/a> during Leap 2024 last March. The round was the region\u2019s only megadeal during the quarter. <\/p>\n

Smaller tickets, but not a \u201cretreat in investor sentiment\u201d:<\/strong> The MENA region as a whole saw a downturn in VC investments during the quarter, said Magnitt Founder and CEO Philip Bahoshy. \u201cWhile funding saw a downturn, the deal flow in Saudi Arabia remained nearly flat, posting a modest 13% decrease in 1Q 2023. Digging deeper, it becomes evident that while the overall funding has diminished, the Kingdom\u2019s entrepreneurial ecosystem continues to attract investors.\u201d <\/p>\n

How Saudi startups are faring in 2Q 2024 so far: <\/strong>Three Saudi startups raised a combined<\/a>USD 4.8 mn in April.<\/a> That\u2019s a 60% y-o-y increase compared to the USD 3 mn three Saudi startups raised in April 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

This figure accounts for 65% of total capital raised by startups in the MENA region in 1Q<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[10,31,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86604","post","type-post","status-publish","format-standard","hentry","category-startup-watch","tag-enterpriseam-ksa","tag-investment-watch","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"74982e96-7697-4331-a4a2-5dc1fb16038a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Saudi startups raised USD 240 mn in 1Q 2024, beating their MENA peers -Magnitt","related_issue":[86592],"teaser":"This figure accounts for 65% of total capital raised by startups in the MENA region in 1Q","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.a7ba0b6f-a27f-4133-87d4-a62a98529fde.mp3"},"yoast_head":"\nSaudi startups outpace MENA peers on VC funding in 1Q 2024 -Magnitt - 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