RIYADH: Saudi Arabia led Middle East and North Africa startup funding in July, with 16 deals worth $396.5 million, reinforcing its position as the region’s largest market for venture capital.
The Kingdom’s performance was boosted by three major rounds, including Q-commerce platform Ninja’s $250 million raise led by Riyad Capital, propelling it to unicorn status, foodtech startup Calo’s $39 million Series B extension, and SaaS provider Lucidya’s $30 million Series B, according to Wamda’s monthly report.
The deals underscore Saudi Arabia’s strength across e-commerce, foodtech, and enterprise technology, drawing strong participation from regional and international investors.
“While many startups did not disclose their funding stages, two mega deals — Ninja and XPANCEO — accounted for 56 percent of July’s total,” the report said.
The UAE followed as the second-largest destination for funding, securing $359 million across 22 startups.
