An extensive study titled ’10-Year Saudi Startup Founders Report’ has been unveiled by MAGNiTT, a platform dedicated to the entrepreneurial ecosystem, with the endorsement of the Saudi Venture Capital Company (SVC). This pioneering report in the region highlights over 400 entrepreneurs who founded 200 Saudi startups, each securing over USD 1 million in venture capital between 2014 and 2023, with collective investments exceeding USD 3.3 billion (SAR 12 billion) over the decade.
The report’s primary aim, as stated by MAGNiTT, is to provide a detailed profile of Saudi startup founders, sharing their experiences and expertise, and benchmarking them against global counterparts to facilitate data-driven decision-making.
Findings reveal that 44% of these startups were launched through partnerships between two individuals, accumulating 53% of the total venture capital funding. In contrast, single-founder companies constituted 30% of the startups but only captured 15% of the total funding.
Significantly, 36% of the 400 founders had over a decade of work experience before initiating their startups. While for 66%, it was their inaugural venture, 30% had prior experience in the startup landscape at a regional level.
Dr. Nabil Koshak, CEO and Board Member of SVC, commented on the vibrant growth within the Saudi startup scene, attributing its robust foundation to innovation and entrepreneurial initiatives driven by the Saudi Vision 2030. He observed a surge in startup activities, with a growing number of ambitious founders seizing opportunities and fostering innovation across various sectors.
Dr. Koshak further emphasized the report’s significance in providing insights into the characteristics of founders who have successfully attracted venture capital over the past decade in Saudi Arabia. He reaffirmed SVC’s commitment to supporting the development of such reports that offer valuable data and insights for decision-makers, government officials, investors, and founders to inform strategic policy-making and enhance the growth of the startup ecosystem in the coming ten years.
Philip Bahoshy, CEO of MAGNiTT, expressed pride in releasing the first report on Saudi founders, reflecting the continuous efforts to promote investment transparency in the Kingdom in collaboration with SVC. He underlined MAGNiTT’s objective of offering valuable data, insights, and analyses that support strategic endeavors of decision-makers.
