A recent report issued by the Business Incubators and Accelerators Company (BIAC), the government company responsible for managing and operating the Badir program, a program of King Abdulaziz City for Science and Technology, reveals that the total volume of funding deals for incubated and graduated startups in the program has increased from 2010 to the end of 2019 to 508 million riyals.space«> that the total volume of financing deals for incubated and graduated startups in the program increased from 2010 to the end of 2019 to 508 million riyals, and the report emphasized in its details the maturity of the growing startup environment, the strength of the growth achieved and the continuous and increasing interest of investors.
168 million riyals in private sector financing
The report showed that the volume of financing deals by venture capital companies amounted to about 203 million riyals, equivalent to 40% of the total volume of financing and investment, while the total financing of private sector companies amounted to 168 million riyals, equivalent to 33% of the total financing. The volume of financing deals for individual investors amounted to about 104 million riyals, equivalent to 20% of the total volume of financing and investment.
The report indicated that the emerging technology companies incubated and graduated from the Badir program raised more than 236 million riyals in 2019, through investment rounds and deals led by venture capital companies, individual investor networks, private sector companies and supporting government institutions.
Linking investors to entrepreneurs
On this occasion, Nawaf Al-Sahaf, CEO of BIAC, explained that there are many signs that indicate the maturity of the startup environment in the Kingdom; as startups grow, we have seen more of them succeed in receiving large investments, in addition to the continued interest from investors, and this will be an incentive to encourage and strengthen the entrepreneurial environment in the Saudi market.
Nawaf Al-Sahaf, CEO of BIAC, said.
He said: »The Badir program contributes to the incubation of any technology startup by facilitating the process of financing it by providing a platform to connect investors and entrepreneurs through the "Projects Day", which is held annually, with the aim of presenting and studying promising investment opportunities in the incubated emerging technology companies and facilitating their financing."
He said.
