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VC funding in Saudi Arabia hit record high in first half of 2022

Capital investments grew 244%, with $583 million funding deployed.

[Source photo: Anvita Gupta/Fast Company Middle East]

According to the MAGNiTT Venture Capital (VC) Investment report, Saud Arabia witnessed an uptick in growth in venture capital investments. It hit a record value of $583 million (SAR 2.19 billion) while recording robust growth, reaching 244% during the first half of 2022, compared to the same period last year.

The report indicated how 2021 was a positive year for VCs in the kingdom. The half of 2022 broke a new record by posting significant growth in the value of VCs.

According to the report, Saudi Arabia inked over 79 deals that have advanced its position from third to second place among the MENA countries, achieving a growth of 36% compared to the first half of 2021.

The report added that the VC system in Saudi Arabia registered a record participation of 88 investors during the first half of 2022, which increased the number of investors by 126% compared to the first half of 2021, when 42% of investors were from outside the country. 

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