MAGNiTT platform announces that 200 emerging Saudi companies have obtained $3.3 billion in 10 years.
The MAGNiTT platform has unveiled that over 400 entrepreneurs have established 200 Saudi startups, with each securing bold investments exceeding one million dollars, equivalent to approximately 3.75 million Saudi riyals, between 2014 and 2023.
This was revealed in a report published by the MAGNiTT platform focusing on startup founders in the Kingdom of Saudi Arabia over a span of 10 years, launched under the patronage of the Saudi Venture Capital Company (SVC).
The report indicated that the aggregated investments in these companies exceeded 3.3 billion dollars, approximately 12 billion Saudi riyals, over the course of a decade.
This groundbreaking report, a first of its kind in the region, sheds light on the individuals behind Saudi startups, with MAGNiTT aiming to familiarize readers with the characteristics of Saudi entrepreneurs, their experiences, and to compare them with their counterparts globally, with the aim of supporting data-driven decision-making.
According to the report, 44% of these startups began as partnerships between two individuals, securing 53% of the total venture capital investments, while single-founder companies represented 30% of the total startups and received only 15% of the total funding.
The report also highlighted that 36% of the 400 startup founders had over 10 years of work experience prior to founding their startups. Additionally, 66% of them had their first experience launching a startup, while 30% of the total founders had previous experience in the startup field at a regional level.
Dr. Nabil bin Abdulqader koshek, CEO and Board Member of the Saudi Venture Capital Company, commented, “At SVC, we have witnessed significant growth and activity in the Saudi startup scene, fueled by a solid foundation of innovation and entrepreneurship driven by the strategic initiatives of the Kingdom, guided by Saudi Vision 2030.”
He added, “We have seen a surge in startup activity, with an increasing number of ambitious founders seizing opportunities and driving the innovation wheel across various sectors.”
In response, Philip Bahoshy, CEO of MAGNiTT, stated, “I am pleased to announce the first edition of the Saudi founders report as part of our ongoing efforts to enhance transparency in the private investment landscape in the Kingdom in collaboration with SVC.”
He further added, “At MAGNiTT, this report is part of our goal to provide valuable data, insights, and analysis to support decision-makers in their strategic initiatives.”
