Saudi startups raise $76m in the first 3 months of 2021

JEDDAH: Saudi startups raised $76 million in the first quarter of 2021, a 137.5 percent increase on the previous quarter’s fundraising total of $32 million.

Entrepreneurship platform Wamda said that $396 million was raised from 125 deals in the Middle East and North Africa in the first quarter of 2021. 

The UAE was the biggest market with 38 deals worth $256 million, while Egypt had 34 deals worth $22 million, and Saudi Arabia had 28 deals worth $76 million.