Saudi start-ups raised USD76 million from 28 deals in the first quarter of 2021, a 137.5% increase on the 13 deals worth USD32 million reported in the fourth quarter of 2020.
Entrepreneurship platform Wamda said that USD396 million had been raised from 125 deals across the whole Middle East and North Africa region in the first quarter of 2021. The UAE was the biggest market with 38 deals worth USD256 million, while Egypt was third with 34 deals worth USD22 million.
March this year saw 43 deals in the region worth a total of USD170 million. Agritech was the biggest sector with USD50 million, followed by logistics (USD37.5 million), foodtech (USD30.2 million), fintech (USD26.5 million), mobility (USD10 million) and e-commerce (USD8 million).
Wamda editorial director Triska Hamid said: “The government’s push towards entrepreneurship is evident in the number of startups that have emerged in Saudi Arabia over the past few years. We are seeing more deal flow in the country and larger ticket sizes.”