As Saudi Arabia continues to cement its status as a central hub for technology and investments within the region, the recent LEAP 24 event in Riyadh marked significant strides with an infusion of $888 million in investments designed to propel innovation and tech entrepreneurship in the Kingdom and beyond.
- Investcorp took the stage to announce the creation of a substantial $500 million fund directed at growth-stage companies.
- Oasis Capital unveiled their “Fund II” endowed with $100 million in capital.
- A collaboration between the National Development Fund and the Social Development Bank led to the formation of a $40 million Gaming and Esports Investment Fund, managed by Impact46.
- Merak Capital launched a new $80 million fund focusing on game accelerators within Saudi Arabia.
- Takamol Holdings, operating under Saudi Arabia’s umbrella, introduced a $50 million investment arm targeting early-stage tech enterprises.
- Plug and Play, along with X by Unifonic, each launched their inaugural funds dedicated to investing in tech startups and supporting business software services for burgeoning companies.
In alignment with Saudi Arabia’s leadership as the premier tech and digital economy in the Middle East and North Africa (MENA) region, startups amassed in excess of $53.4 million through various funding initiatives during the LEAP 24 gathering.
- BRKZ, a Saudi-based IT firm, secured $8 million in a Series A investment.
- FanZ, pioneering in AI-enabled sports technology, disclosed a pre-seed funding round of $1.5 million.
- Lawazem, operating in the online B2B supplies domain, announced an $8 million pre-Series A funding to bolster its expansion, while RemotePass, specialists in cross-border team services, revealed a Series A funding of $5.5 million.
- Moyasar, a local payment gateway, broadcasted a Series A funding to augment its reach across the MENA region and enhance services in collaboration with Jahez, a Saudi-based entity.
- Buildnow, a Saudi fintech innovator, announced a seed funding round under the leadership of RAED Ventures and Khawarizmi Venture Fund.
- The launch of a liquidity bridge initiative aims to underpin startups by offering up to 50% of capital investment financing immediately, while the SourceTech initiative is poised to offer financial incentives for technology outsourcing firms to grow their presence within the Kingdom.
Saudi Arabia’s National Technology Development Program (NTDP) has introduced five key initiatives to expand the IT sector. These programs are crafted to nurture pre-seed and early-stage startups, bolstering emerging technologies in critical areas such as Artificial Intelligence, quantum computing, space tech, biotechnology, smart cities, mobility technology, open radio access networks, and deep tech.
- The AIM initiative, under the NTDP, is set to energize the AI ecosystem and provide vital R&D infrastructure.
- Furthermore, the NTDP’s AdoptTech initiative is designed to close the technology divide for startups and SMEs in the Kingdom, expediting their digital transformation, fortifying the tech ecosystem, and offering both financial support and access to advanced technological solutions.