Investment is being led by technology companies, with fintech, med-tech and agri-tech being particularly in-demand.
According to data from entrepreneurship platform Wamda, around $110 million was raised across 35 deals during May 2021. The majority came from Saudi Arabia where nine startups raised $46.6 million, most through the $30.5 million Series B funding by Sary, a business-to-business (B2B) marketplace that connects small firms and wholesalers.
According to data from entrepreneurship platform Wamda, around $110 million was raised across 35 deals during May 2021. The majority came from Saudi Arabia where nine startups raised $46.6 million, most through the $30.5 million Series B funding by Sary, a business-to-business (B2B) marketplace that connects small firms and wholesalers.
Noorwoord founder, Hussain Al-Alawi, told Arab News: “Saudi Arabia’s dominance in raising capital for startups comes as no surprise. What we’re seeing in the region and globally is that investment – especially from VCs (venture capitalists) – is being led by technology companies, with fintech, med-tech and agri-tech being particularly in-demand.”
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