![]() Saudi is the largest market in the region and has a large tech-savvy population so it is natural for good startups to thrive there. ![]() Since the start of 2021, there have been eighteen $50 million+ deals Saudi: 8, UAE: 5, Egypt: 3, Bahrain & Tunisia: 1 each. The figures don’t change much even when we expand the pool to also include $50 million+ deals. The startups in Saudi have been growing their share in (the number of) growth capital deals in the region and they’re at the top now. #Change appicon during runtine series#The other $100 million+ deals include Instadeep from Tunisia’s $100 million Series B, Bahrain-based Rain’s $110 million Series B, Egypt-based Halan’s $120 million investment. Three of the eleven deals involved UAE-headquartered companies: Pure Harvest’s 180 million investment, Kitopi’s $300 million Series C-2, and Kitopi’s $415 million Series C. In the last two years (since the start of 2021), there have been eleven $100 million+ deals by nine companies in the region (this does not include debt-only rounds and Swvl’s PIPE).įive of these $100 million rounds had Saudi-headquartered companies: Trukker’s $100 million Series C, Tamara’s $100 million Series B, Foodics $170 million Series C, Unifonic’s $125 million Series B, and Tamara’s $100 million Series A (equity and debt). All these six companies were headquartered in the United Arab Emirates. ![]() Before this, there had been six technology (or VC-backed) companies in the region that raised $100 million or more in eight deals. Western Union invested $200 million in the company to acquire a 15 percent stake in it, in 2020. STC Pay was the first Saudi technology firm that raised a nine-figure (USD) investment. I’ll try to dive deep into this one of the best growth-stage investments made by a local investor in a local technology company but today we’re talking about something else. As of today, the share is trading at SAR 914 ($243). At Jahez’s peak share price of SAR 1,444 ($384), their position would’ve been worth $1.25 billion. I am not sure if Impact 46 had invested any additional capital in the company after the Series A but assuming that the stake they owned at the end of 2021 was acquired only through the $36.5 million they invested, they could generate 22x return (should they wish to sell their entire stake in the company). ![]() Impact 46, according to Jahez’s reports, owns 31.29 percent (as the second largest shareholder) of the company which is worth $800 million today. The investment which was announced in June 2020 was led by Impact 46. The Saudi food delivery startup Jahez’s $36.5 million Series A was the largest-ever financing round raised by a Saudi startup at the time. ![]()
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