Saudi fintech reports surge in venture capital investments


(MENAFN) Saudi Arabia has seen a huge increase in venture capital investment in the FinTech sector, reaching 16 contracts during the period January to August of last year amounting to $ 157.2 millions of dollars.

Based on Saudi Fintech’s annual report, this compared to two years ago, when seven venture capital deals were signed and valued at $ 7.8 million, as pandemic constraints have shortened l ‘activity.

This year also saw a spread of support on a variety of early stage programs, with 46 percent in the Series A and B stages, 38 percent in the seed stage and 15 percent in the pre-seed stage. .

Pre-seed funding is the first level of investment, often from creators, family as well as loved ones. Then it is followed by more formal seed and serial levels, where the company’s equity is traded.

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