The impact of entertainment ventures on Saudi Arabia’s economy

Startups in the Middle East and North Africa region have attracted significant investor interest, with MENA startups raising over $76 million in August 2023 and accounting for two of the three exits recorded in the region, indicating its growing role in the global startup ecosystem, although the first half of the year saw a decline in capital attracted compared to the previous year. Additionally, PIF's Jada Fund of Funds Co. has committed to Aliph Capital's GCC fund to support SMEs in Saudi Arabia, and UAE fintech MALY has raised $1.6 million in pre-seed funding. Furthermore, Rewaa, an inventory management platform, has raised $27 million in a Series A funding round led by Wa'ed Ventures.

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Relevant topic timeline:

7/31/2023

Coatue Raises $331 Million for Early-Stage Fund, 34% Below Target

- Coatue Management has raised $331 million for its third fund focused on early-stage startups, which is a third less than its target and its previous early-stage fund. - This shows that firms that raised large funds during the pandemic investing boom are struggling to meet their fundraising goals or are choosing to raise smaller funds. - Coatue Management had planned to raise $500 million for its third early-stage fund by the end of 2022 and focus on artificial intelligence startups. - The recent filing represents an interim close, and the firm expects to raise additional capital for the fund. - Coatue Management has previously made successful early-stage investments in companies like Figma and Ramp.

8/23/2023

Saudi startup FlyAkeed secures $15.2m in a series A funding

Saudi startup FlyAkeed has raised $15.2 million in a series A funding round led by Sanabil Investments, with participation from Elm Co., Artal Capital, and Al Rajhi Partners. The travel technology startup plans to use the funds to strengthen its presence in Saudi Arabia and the Gulf Cooperation Council countries, as well as develop fintech solutions for user experiences and cost management tools for business trips.

9/6/2023

Global Startup Funding Remains Subdued But IPO Market Sparks Hope Of Rebound

Global venture funding in August 2023 reached $22 billion, a 19% increase from the previous month but a 16% decrease from July 2022, with late-stage funding experiencing a year-over-year increase for the first time in 18 months, according to Crunchbase data. However, early-stage funding nearly halved and seed funding was down by around one-third compared to the previous year, while deal counts in August 2023 were almost half of the previous year. The largest fundings were in transportation, sustainability, and biotechnology, and the hope for the startup funding landscape lies in upcoming IPOs of well-funded venture-backed companies.

9/16/2023

Saudi Startups Attract Over $60M in Venture Funding Across Construction, Food Delivery, Fintech and Logistics

Saudi Aramco's venture capital subsidiary, Wa'ed Venture, co-led a $52 million funding round for Mighty Buildings, a US-based construction technology startup known for its 3D printing technology in creating environmentally friendly and climate-resilient homes, with the funds dedicated to expanding its factory footprint in North America and entering new markets, including Saudi Arabia and the UAE. Additionally, Saudi Arabia's online marketplace Barakah raised $1.5 million in seed funding to expand its surplus food management operations, while Saudi Venture Capital invested $5 million in a fintech fund managed by UAE-based VentureSouq, focusing on early-stage fintech startups. Furthermore, logistics startup Equiptal secured $1 million in pre-seed funding to expand its team and market presence in Saudi Arabia.

9/20/2023

Israeli Cybersecurity Startup Legit Security Raises $40M to Protect Apps from AI Security Risks

Israeli cybersecurity startup Legit Security has raised $40 million in a Series B funding round led by US venture capital firm CRV to help businesses protect their AI-based applications from cyberthreats and security breaches. The funds will be used to boost sales, R&D, and address the emerging threat posed by AI and large language models in application development.

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Posted 9/2/2023, 8:43:04 PM