The \u00abBader\u00bb program for tech incubators and accelerators\u2014 one of the programs of King Abdulaziz City for Science and Technology, that the tech startups in its incubator program had successfully raised 11.660 million riyals in funding by the end of the second quarter of this year, through eight investment rounds and deals led by venture capital firms, networks of individual investors, and private-sector companies, representing an increase of 7.66 % compared to the first quarter of 2018.<\/p>\n
A recent statistical report issued by the \u00abBader\u00bb program showed that the total value of startup funding deals by individual investors in the second quarter of this year reached approximately 7,450 million riyals; spread across four deals and investment rounds. Venture capital firms funded two investment deals totaling approximately 1,400 million riyals, while funding for private-sector companies reached about 2,800 million riyals, whereas the total value of grants and loans did not exceed 10,000 riyals.<\/p>\n
These investment figures come at a time when the number of tech startups incubated by \u00abBader\u00bb rose 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.<\/p>\n
The report revealed that the volume of funding for startups has risen since the establishment of the Badir Program in 2008 until the end of June of this year to approximately 150.951 million riyals; the volume of funding deals by individual investors reached approximately 60 million riyals, equivalent to 40 percent of the total funding and investment. Meanwhile, venture capital firms contributed approximately 49.03 million riyals to startup funding, equivalent to 32 percent of the total funding, The volume of financing for private-sector companies reached approximately 32.842 million riyals, and total financing from supporting government institutions amounted to 7.057 million riyals, while the volume of grants and loans did not exceed 1.06 million riyals.<\/p>\n
In this regard, Nawaf Al-Sahaf, Executive Director of the Bader Program for Technology Incubators and Accelerators, said: \u201dThe tech startup industry in the Kingdom is experiencing significant growth prospects and was more active in terms of funding and investment in the second half of 2018,\u201d adding \u201cWe are optimistic about the future of investment in this type of company, especially with the rise in the number of financing, investment, and venture capital firms, lending platforms, and networks of individual investors, which have begun to grow rapidly in recent times.\u201d.<\/p>\n
Al-Sahaf emphasized that the tech startups incubated by the Badir program were able to raise more funding during the second quarter of this year; compared to the first quarter of the same year. He noted that the program has served as a regional model by incubating hundreds of startups and providing them with the ideal environment to foster their growth; by providing a range of services and logistical support that help mitigate risks and increase opportunities for success and growth.<\/p>\n
The Bader Program for Technology Incubators is one of the most important national and innovative ecosystems in the field of entrepreneurship support. It was established in 2008 by King Abdulaziz City for Science and Technology; with the aim of fostering opportunities for technology-based business ventures and developing entrepreneurship in the technology sector. Since its inception, the program has launched several business incubators; there are now eight incubators in seven cities across the Kingdom, which in turn seek to support Saudi male and female entrepreneurs in growing their startups.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Badir Program for Technology Incubators and Accelerators, a program of King Abdulaziz City for Science and Technology, revealed that the 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 companies, individual investor networks, and private sector companies, with an increase of 7.66 %... 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