The value of venture capital (VC) funding in the Saudi Arabian market jumped by 244% year-on-year (YoY) during the first half of 2022, according to H1 2022 Saudi Arabia Venture Capital Report by Saudi Venture Capital (SVC).

The value of VC deals closed in the Kingdom soared to $385 million in the January-June 2022 period from $199 million in the same period a year earlier.

The food and beverages sector took the lion’s share of capital, securing $187 million in H1 2022, followed by the fintech sector.

A number of 88 investors entered the Saudi startup market in the first six months of the year, leading the market to rank second in the Middle East and North Africa in terms of total funding and total transactions.

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