In 2024, Saudi Arabia maintained its position as the top country in the MENA region for venture capital funding, marking the second consecutive year of this achievement, as highlighted in the '2024 Saudi Arabia Venture Capital Report' by MAGNiTT and sponsored by SVC.

The Kingdom recorded a remarkable 178 venture capital deals in 2024, which accounted for 31% of all VC deals in the MENA region.

Fintech emerged as the leading sector for venture capital deals in Saudi Arabia, representing 18% of the total number of deals.

E-commerce topped the capital deployment sectors, securing 33% of the total investments, which amounted to $247 million (approximately SAR 926 million) in 2024.

Notably, funding for venture capital deals valued at less than $100 million (around SAR 375 million) saw a significant increase of 34% in 2024 compared to the previous year, indicating a positive trend for early-stage startups.

Dr. Nabeel Koshak, CEO and Board Member at SVC, credited the growth of the Saudi venture capital ecosystem to the nation's commitment to Saudi Vision 2030, which emphasizes entrepreneurship and investment in startups.

The Saudi Venture Capital (SVC), established in 2018 as a subsidiary of the SME Bank, plays a crucial role in stimulating financing for startups and SMEs through various investment strategies, including venture capital and direct investments.