ROSHN harnessing technology to create top-notch communities

Saudi startups are making waves in the regional venture funding scene, with almost half of the total funding in the Middle East and North Africa region in the first quarter of the year being secured by Saudi ventures. According to Wamda’s monthly report, Saudi startups raised an impressive $224 million out of the $429 million raised across the region, highlighting the Kingdom’s growing influence in the startup ecosystem.

The surge in startup activity in March saw MENA startups raising $254 million across 54 deals, indicating a significant uptick compared to previous months. The majority of the funding was directed towards software as a service providers, fintech, and e-commerce sectors, with Saudi startups leading the way.

The investment trends also revealed a preference for the business-to-business model over business-to-consumer, with male-led startups dominating the funding landscape. However, female-led startups and teams with mixed-gender founders also made their mark, albeit to a lesser extent.

The month of March was also rich in mergers and acquisitions, with significant deals like MBC Group’s investment in Anghami and Classera’s acquisition of Expert Solutions. Additionally, several investment funds were announced at LEAP24, further energizing the startup environment in the region.

Saudi venture capital firms like Merak Capital and Impact46 announced substantial funds, while Plug and Play Tech Center introduced a pioneering fund aimed at nurturing software and tech ventures in Saudi Arabia and the MENA region. The future looks bright for Saudi startups as they continue to attract significant funding and drive innovation in the entrepreneurial sector.