The Kingdom of Saudi Arabia at the end of 2022 was responsible for 52% of the total capital deployed in the region, an increase of 21% from 2022.

SVC which is a subordinate company of the SME bank, aiming to assist in developing and financing startups and SMEs (Small and Medium Enterprises) announced that Saudi Arabian startups received a 33% increase in funding by the end of 2023.

The Kingdom of Saudi Arabia has been showing increasing interest in VC (Venture capital) with Vision2030 being the focus point, aiming to diversify the Saudi economy with a sustainable future.

CEO of SVC, Dr. Nabeel Koshak said “We are proud that SVC’s strategy contributed to the development of the Venture Capital ecosystem as It was ranked fourth in the region in terms of the amount of Venture Capital funding in 2018, to be the top country in the region last year.

He also stated that the funding invested in 2023 is (x21) the amount of funding for the year 2018 when SVC was launched.

“We, at SVC, are committed to leading the development of the venture capital ecosystem in Saudi Arabia. We aim to stimulate private investors to provide support to startups and SMEs, enabling them to achieve fast and high growth. This will help diversify the national economy and ultimately achieve the goals of the Saudi Vision 2030.” he added.

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VentureSouq is a MENA-based venture capital fund manager with a global portfolio, and a strong focus on fintech. SVC, meanwhile, is a government investment company established in 2018 that aims to stimulate and sustain financing for startups and SMEs by investing $2 billion in funds and co-investment in startups.

“The investment in the fintech fund by VSQ is part of SVC’s Investment in Funds Program to support the development of the VC ecosystem in Saudi Arabia for all sectors and stages,” Dr Nabeel Koshak, CEO and Board Member at SVC, tells StartupScene. “This investment also comes to foster the growth witnessed recently by the fintech sector, which made it at the forefront of the venture capital scene in Saudi Arabia in 2022 in terms of the number of deals and value of investment,”

Saudi Arabia’s fintech sector is primarily driven by young first-generation entrepreneurs, and is set to see a high level of growth. Fintech in Saudi Arabia is expected to grow from $39.04 million in 2023 to $69.23 million by 2028 at a CAGR of 12.14% during the forecast period, according to a study by Mordor Intelligence.

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