Milestone achievement for Saudi Arabia’s tech ecosystem

A milestone achievement for Saudi Arabia’s tech ecosystem, the international technology conference LEAP 2024has drawn an impressive $888 million in investment deals. According to reports from the state-owned Saudi Press Agency (SPA) on Tuesday, the investments encompass a variety of venture capital funds and fresh funding for burgeoning start-ups, aimed at bolstering innovation and tech entrepreneurship across the region.

One notable highlight includes InvestCorp‘s unveiling of a substantial $500 million fund targeting Saudi businesses in their growth stages. Additionally, the National Development Fund and the Social Development Bank have jointly launched the Gaming and Esports Investment Fund, worth $40 million and managed by Impact46. Merak Capital has also stepped in with an $80 million fund designated to support game accelerators within the kingdom.

Saudi Arabia’s Takamol Holdings has introduced a $50 million fund to aid early-stage firms, complemented by funding announcements from Plug and Play and X by Unifonic, both directed towards bolstering technology start-ups and business software services for young enterprises.

In a significant boost for the region’s startup landscape, fundraising efforts have netted an investment of $53.4 million, with Saudi-based companies such as BRKZ, FanZ, and Lawazem securing substantial funding rounds.

Source: Startup Bahrain