Bader Program for Technology Incubators and Accelerators, a program of King Abdulaziz City for Science and Technology, revealed that incubated technology startups succeeded in raising funds worth 11.660 million riyals by the end of the second quarter of this year, through eight investment rounds and deals led by venture capital firms, individual investor networks and private sector companies, with an increase of 7.66 % compared to the first quarter of 2018.
A recent statistical report released by the Badir Program showed that the volume of funding deals for startups by individual investors in the second quarter of this year amounted to about 7.450 million riyals. A recent statistical report issued by the Badir program showed that the volume of financing deals for startups by individual investors in the second quarter of this year amounted to about 7.450 million riyals, distributed over four investment deals and rounds, and venture capital companies financed two investment deals for about 1.400 million riyals, while the volume of financing private sector companies reached about 2.800 million riyals, while the volume of grants and loans did not exceed 10 thousand riyals.
The investment figures come at a time when the volume of investment by private sector companies has reached 7.66 million riyals. These investment figures come at a time when the number of technology startups incubated by Badir increased by 18 percent to 228 companies at the end of the second quarter of this year, compared to 193 companies at the end of last year.
The report revealed that the number of startups incubated by Badir increased by 18 percent to 228 companies at the end of the second quarter of this year, compared to 193 companies at the end of last year. <The report revealed that the volume of funding for startups since the establishment of the Badir program in 2008 until the end of June of this year increased to about 150.951 million riyals, where the volume of funding deals for individual investors amounted to about 60 million riyals, equivalent to 40% of the total volume of funding and investment, while venture capital companies contributed to funding startups by about 49.The volume of funding for private sector companies amounted to about 32.842 million riyals, and the total funding of supporting government institutions amounted to 7.057 million riyals, while the volume of grants and loans did not exceed 1.06 million riyals.
The volume of funding deals for individual investors amounted to about 60 million riyals, equivalent to 40 percent of the total volume of funding and investment, while venture capital companies contributed to funding startups by about 49.03 million riyals. <Nawaf Al-Sahaf, Executive Director of Badir Technology Incubators and Accelerators Program, said: «The tech startup industry in the Kingdom is witnessing great growth prospects and was more active in terms of funding and investment in the second half of 2018.» He added, «We are optimistic about the future of investing in this type of companies, especially with the increase in the number of funding, investment and risk companies, lending platforms, and individual investor networks, which have become increasingly active in recent times.»
Nawaf Al Sahaf, Executive Director of the Badir Program for Technology Incubators and Accelerators, said. Al-Sahaf stressed that during the second quarter of this year, tech startups incubated by the Badir Program were able to raise more funding compared to the first quarter of the same year, noting that the program has provided a regional model in incubating hundreds of startups and providing them with the ideal environment to enhance their growth by providing a range of services and logistical support that contribute to reducing risks and increasing the chances of success and growth.
<The Badir Technology Incubation Program is one of the most important national and innovative environments in the field of supporting entrepreneurship, which was established in 2008 by King Abdulaziz City for Science and Technology to support technology-based business opportunities and develop entrepreneurship in the technical field. The program has launched several business incubators since its inception, reaching eight incubators in seven cities across the Kingdom, which in turn seek to support Saudi male and female entrepreneurs to grow their startups.
