Sukna Ventures to Invest $80 Million in Saudi & MENA Startups

Riyadh-based Sukna Ventures has announced plans to invest $80 million in early- and growth-stage startups across Saudi Arabia and the broader MENA region. The firm’s latest capital injection targets companies in fintech, digital infrastructure, and logistics.

Sukna Ventures, the tech investment arm of Sukna Capital, is also launching a $100 million Sharia-compliant direct lending fund to provide asset-backed, non-dilutive financing for small and medium-sized enterprises (SMEs). The fund, approved by Saudi Arabia’s Capital Market Authority, will offer shorter lock-up periods and periodic liquidity for investors.

Founded in 2022, Sukna Ventures has already backed over 20 regional startups. The firm’s new capital raise brings total assets under management to more than USD 130 million.

According to the Saudi Central Bank, SMEs received just 9.1% of total bank credit as of Q3 2024, well below the Vision 2030 target of 15% to 20%. By combining equity investment with structured lending, Sukna Ventures aims to address this gap while attracting more institutional capital into the Kingdom’s tech ecosystem.