Venture capital investments in Saudi Arabia have posted a staggering 244 percent increase to $584 million in the first half of 2022.
MAGNiTT, a venture data platform, said that the Kingdom saw 79 deals in H1 2022, an increase of 36 percent compared to H1 2021.
It said that 88 investors participated in funding deployed by Saudi startups, up by 126 percent in the first half of 2022 over H1 2021 as 42 percent of investors were from outside the Kingdom.
Fintech had the highest number of transactions with 17 deals, followed by logistics which had 12 deals, and e-commerce with eight deals, in H1 2022.
Saudi Arabia ranked the second largest venture capital market in the Middle East and North Africa region in terms of total transactions and funding.