Saudi Arabia’s Startup Ecosystem on the Rise
Saudi Arabia’s startup ecosystem is gaining momentum, with several firms securing significant investments and partnerships as they scale their operations. Backed by both local and international venture capital, several startups are positioning themselves as key players in the region’s digital transformation, supporting Saudi Vision 2030’s goals of fostering innovation and economic diversification.
Invygo Raises $8 Million in Series A Extension
Saudi Arabia-headquartered mobility startup invygo has raised an $8 million series A extension, led by STV’s newly launched NICE Fund. The round also saw participation from existing investors, including Al Rajhi Partners, Arab Bank Ventures, and SPV, as well as MEVP, and C5. Founded in the UAE in 2019 by Eslam Hussein and Pulkit Ganjoo, invygo is an app-based service that offers users the ability to choose, drive, swap, and own cars. The company currently operates in Saudi Arabia, the UAE, and Qatar.
Mala Secures $7 Million in Pre-Seed Round
Saudi fintech startup Mala has closed a $7 million pre-seed funding round, led by VentureSouq and Shorooq Partners. Other participants in the round include M Capital, BECO Capital, and Access Bridge Ventures, as well as Waad Investment, Palm Ventures, and Silicon Valley-based D Global Ventures. Mala, founded in 2024 by Musaab Hakami, is a business-to-business platform that offers a procure now, pay later solution for small and medium-sized enterprises, enabling them to access flexible credit terms.
HALA Payments Joins Saudi Unicorns Programme
Saudi fintech company HALA Payments has been selected to join the Saudi Unicorns Programme, a government-led initiative aimed at fostering high-growth companies. Founded in 2018 by Esam Al-Nahdi and Maher Loubieh, HALA offers banking solutions for SMEs and freelancers, enabling them to seamlessly manage and grow their businesses. The program, part of Saudi Vision 2030, is run by the Ministry of Communications and Information Technology in collaboration with the Mohammed bin Salman Foundation.
Ronaldo Invests in Bioniq
Football sensation Cristiano Ronaldo has invested an undisclosed amount in personalized nutritional supplements provider Bioniq, boosting its valuation to $82 million. Founded in 2019 by Vadim Fedotov, Bioniq has recently expanded to Saudi Arabia through a local partnership and now operates in over 70 markets.
Prypco Raises $10 Million in Seed Round
UAE-based proptech startup Prypco has raised $10 million in a seed funding round led by Shorooq Partners. Founded in 2022 by Amira Sajwani, Prypco offers real estate services through its four verticals, Prypco Blocks, Prypco Mortgage, Prypco Exclusives, and Prypco Golden Visa.
Best Kept Shared Acquires BAZAARA
UAE-based e-commerce platform Best Kept Shared has acquired peer-to-peer fashion resale platform BAZAARA for an undisclosed amount. Best Kept Shared, founded in 2023 by Kelly Power and Sophie Kjoller, is a P2P platform for fashion rental and resale, while BAZAARA, founded in 2021 by Alyssa Mariano, focuses on enabling users to buy and sell pre-owned clothing and accessories.
Proximie Partners with Olympus Corp.
UK-based healthtech provider Proximie has partnered with Japanese surgical tools and endoscopy systems giant Olympus Corp. Proximie, founded in 2016, offers a device-agnostic platform which allows for real-time collaboration, to schedule secure training sessions as well as the ability to capture video from any source.