(MENAFN) According to a research, investments in Saudi startups increased by 72 percent in last year, reaching a record high of SR3.701 billion (USD987 million).
The Kingdom had the Middle East and North Africa’s fastest increase in venture capital financing, according to the “2022 Saudi Arabia Venture Capital Report.” According to the research released by the venture data platform MAGNiTT and sponsored by the Saudi Venture Capital, the Kingdom kept its ranking as the second-most financed market in MENA in last year, accounting for 31 percent of the total capital spent in the area, up from 21 percent in 2021.
Despite the fact that 2021 was a record year for venture capital in the Kingdom, last year saw unparalleled VC deployment, according to the statement.
Saudi companies concluded partnerships with a record-breaking 104 investors in last year, up 30 percent from 2021. Additionally, with 10 departures, the nation had a double-digit increase in exits in last year compared to 2021.
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