August 02, 2021:  As MAGNiTT continues to keep a close watch on the Saudi Arabian venture capital space, we release a new report on the ecosystem with the support of the Saudi Venture Capital Company (SVC). The half-yearly report is packed with detailed insights on the ecosystem’s evolution over the years and covers key aspects of venture activity in H1 2021.

Despite 2020 being a positive year for venture funding, 2021 has thus far witnessed a resurgence of sorts. The first half of the year saw half-yearly capital reach a record high, the equivalent of 94% of funding invested in Saudi startups in all of 2020. This was distributed across 41% fewer deals than in FY 2020. Yet, KSA saw its deal flow move closer to the top-ranked MENA ecosystem in the UAE, reducing the gap by 8x in just two years. Fintech startups were responsible for almost one-fourth of these transactions. E-commerce, on the other hand, saw a decline in its contribution to deals, as it did across MENA.