Saudi Startups Received $198 Million in March 2024

In March 2024, startups in Saudi Arabia received the most funding in the MENA region with total investments of $198 million across 25 transactions. The bulk of this funding, $130 million, went to the pre-IPO round of Saudi-based SaaS provider Salla, according to a report from Digital Digest and Wamda.

The United Arab Emirates received the second most funding in the MENA region in March 2024, with $39 million raised across 12 deals. Egypt raised the third most with eight startups raising $7 million.

Startups across the MENA region secured $254 million during March, bringing the total raised across the first three months of 2024 to $429 million. The majority of this funding went to SaaS providers at $130.6 million, with fintech receiving just $40 million, and e-commerce startups raising $18 million.