RIYADH: The startup ecosystem in Saudi Arabia is gaining traction, with numerous firms securing substantial investments and partnerships as they expand their operations.
Supported by both domestic and international venture capital, several startups are emerging as pivotal players in the region's digital transformation, aligning with Saudi Vision 2030's objectives of promoting innovation and economic diversification.
Invygo, a mobility startup headquartered in Saudi Arabia, has secured an $8 million Series A extension, led by STV's newly launched NICE Fund. Existing investors, including Al Rajhi Partners, Arab Bank Ventures, and SPV, as well as MEVP and C5, also participated in the round.
Founded in the UAE in 2019 by Eslam Hussein and Pulkit Ganjoo, invygo is an app-based service that allows users to select, drive, swap, and own cars. The company currently operates in Saudi Arabia, the UAE, and Qatar, and has raised over $22 million in funding to date. The founders anticipate profitability by the end of 2024.
Saudi fintech startup Mala has secured $7 million in a pre-seed funding round, led by VentureSouq and Shorooq Partners. The platform, founded in 2024 by Musaab Hakami, offers a 'procure now, pay later' solution for SMEs, enabling flexible credit terms while ensuring immediate cash payments to suppliers.
HALA Payments, a Saudi fintech company, has been selected to join the Saudi Unicorns Programme, a government-led initiative aimed at nurturing high-growth companies. Founded in 2018 by Esam Al-Nahdi and Maher Loubieh, HALA provides banking solutions for SMEs and freelancers.
Football star Cristiano Ronaldo has invested in UK-based Bioniq, a personalized nutritional supplements provider, boosting its valuation to $82 million. Founded in 2019 by Vadim Fedotov, Bioniq has expanded to over 70 markets, including Saudi Arabia.
UAE-based proptech startup Prypco has raised $10 million in a seed funding round led by Shorooq Partners. Founded in 2022 by Amira Sajwani, Prypco offers real estate services through various verticals, including Prypco Mortgage, which has facilitated home loans totaling over $136 million.
Best Kept Shared, a UAE-based e-commerce platform, has acquired peer-to-peer fashion resale platform BAZAARA. The acquisition aims to integrate BAZAARA's network with Best Kept Shared's infrastructure, offering customers a broader range of fashion options.
UK-based healthtech provider Proximie has partnered with Japanese surgical tools and endoscopy systems giant Olympus Corp. The collaboration will enable Olympus to offer Proximie's technology to its customers, enhancing real-time collaboration and training capabilities.
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