On the heels of its FY 2023 MENA Venture Investment Summary, Magnitt Magnitt unveiled its KSA Venture Investment Summary report, delving into the dynamics of the most funded country in MENAe. Saudi surpassed the $1 billion mark for the second year as their venture capital market rose by 33% YoY to $1.38 billion, making it the most funded country in MENA.E-commerce/Retail attracted growing interest and secured the second position in both deals and funding for Saudi Arabia, accounting for three out of the top five deals closed in 2023.
Despite a 20% YoY reduction in the number of deals, Saudi Arabia increased its rank to second most transacted MENA country in 2023.
Mega deals stood at an all-time high of $879 million across four deals in 2023, reporting a triple digit annual growth of 138% from 2022.
Read the full report here.
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