The Bold Investment Report in the Kingdom of Saudi Arabia revealed that the year 2022 witnessed the implementation of investments with a record value of 3.701 billion riyals ($987 million) in Saudi startups, achieving a growth of 72% compared to 2021.
The report issued by the MAGNiTT platform specialized in venture investment data in startups, sponsored by the Saudi Venture Investment Company, confirmed that although 2021 was a record year for venture investment in the Kingdom, the year 2022 witnessed unprecedented growth, as the value of venture investments was recorded. implemented a new record.
The Kingdom achieved the highest growth rate for venture 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 the volume of venture investment among the countries of the region during 2022, accounting for 31% of the total amounts invested in The region, compared to 21% in 2021, according to the Saudi Press Agency, “SPA”.
The venture investment system in the Kingdom recorded a new record participation of 104 investors during 2022, and the number of investors increased by 30% compared to 2021, while the Kingdom recorded twice the number of exit deals for startups in 2022 compared to the previous year, with a total of 10 exit deals.
The CEO and member of the Board of Directors of the Saudi Venture Investment Company, Dr. Nabil bin Abdul Qadir Koshak, said that the Kingdom’s achievement of unprecedented growth in venture investment comes as a result of the launch of many government initiatives stimulating the system of venture investment and startups within the framework of Saudi Vision 2030, in addition to the emergence of increasing numbers of investors. Active private sector investors and innovative entrepreneurs.
He added, “We are committed in the Kingdom of Venture Investment to continue motivating investors from the private sector to provide support in turn for startups and small and medium enterprises to be able to grow rapidly and significantly, which leads to diversifying the national economy and achieving the goals of Saudi Vision 2030.”
It is noteworthy that the “Saudi Venture Investment Company” is a government investment company, with a total fund size of $1.5 billion. It was established in 2018 in order to stimulate and sustain financing startups and small and medium enterprises from the pre-establishment stage to the pre-IPO by investing in investment funds. Bold and private property.
Since its establishment, the company has supported 31 investment funds, who have invested in 525 emerging companies and small and medium enterprises.