The 10-Year Saudi Startup Founders Report, released by the investment data platform MAGNiTT and sponsored by the Saudi Venture Capital Company (SVC), reveals that over the past decade, 200 Saudi startups have received a combined investment surpassing 12 billion SAR (approximately $3.3 billion).
Marking a first of its kind in the region, the report shines a spotlight on the individuals behind these startups, profiling over 400 entrepreneurs who founded 200 Saudi startups, each securing over one million dollars in bold venture funding between 2014 and 2023.
The report aims to provide insights into the characteristics, experiences, and expertise of Saudi startup founders, comparing them to their global counterparts to support data-driven decision-making.
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The findings indicate that 44% of the startups were launched with two co-founders, securing 53% of the total venture capital funding provided. In contrast, single-founder companies accounted for 30% of the total startups, receiving only 15% of the total funding over the same period.
According to the report, 36% of the 400 founders had over a decade of work experience prior to launching their startups. Among them, 66% were embarking on their first startup venture, while 30% had previous experience in the startup scene at a regional level.
Dr. Nabil Koshak, CEO and Board Member of SVC, commented on the vibrant growth and movement within the Saudi startup arena. He emphasized that the foundation of innovation and entrepreneurship, bolstered by the strategic initiatives of the Kingdom and fueled by Vision 2030, has led to a surge in startup activity. He noted the increasing number of ambitious founders seizing opportunities and driving innovation across various sectors.
Dr. Koshak highlighted the report’s valuable insights into the founders who successfully secured venture capital over the past ten years in the Kingdom. He reaffirmed SVC’s commitment to supporting the development of such reports that provide decision-makers, government officials, investors, and founders with the necessary insights and data for strategic decision-making and policy development to enhance the growth of the startup ecosystem in the forthcoming decade.
