Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has been among the top investors by the number of investments in Saudi-based startups during the first half (H1) of 2021, according to a report by Magnitt.
Out of a total 39 active investors, 13% have backed more than five venture capital (VC) transactions in H1-21. This included Aramco, Vision Ventures, Impact46 Venture Capital, STV, and Seedra Ventures.
Eleven other VC arms invested in two to four transactions in the first six months of 2021. This included Global Ventures, which Founder and General Partner, Noor Sweid, talked to Mubasher earlier about the startup scene in the region, in addition to Nama, Arzan, Hala, Raed, Derayah, and others.
The report added that 56% of the total active investors in Saudi-based startups invested in a single transaction.
In addition, 69% of investors backing Saudi-based startups during H1-21 were headquartered locally.
On the other hand, 19% of the investors supporting startups in the MENA region were based in Saudi Arabia. It is worth noting that the Kingdom’s VC industry soared 65% in H1-21.
