Saudi Arabia's start-ups record best ever quarter for fund-raising in Q3, Magnitt says
Start-ups in Saudi Arabia recorded their best ever quarter for fund-raising in the three months ending September 30, attracting $205 million in 34 deals, according to data platform Magnitt.
Venture capital investments in start-ups in the kingdom more than quadrupled in the third quarter of 2021, compared with the same period last year, according to the Q3 KSA Venture Investment Report compiled in cooperation with the Saudi Venture Capital Company.
Total venture capital investment reached $376m year-to-date in 2021 — more than double the funding invested during the full year of 2020. The Series B funding round worth $125m by customer communications platform Unifonic accounted for one-third of total funding raised in Saudi Arabia by the third quarter of 2021.
The number of deals sealed by start-ups in the kingdom rose five-fold in the quarter, versus the same period in 2020, to 34 transactions, the report showed.
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