CAIRO: Driven by Saudi Arabia’s unprecedented growth in its startup ecosystem, the Kingdom’s venture capital funding increased by 72 percent last year compared to 2021 with investments reaching $987 million across 144 deals, according to MAGNiTT.
However, the leading startup and venture capital data firm cautioned that, as global economic uncer- tainty and investor fatigue rises, the venture market might be most vulnerable to taking a hit.
In an interview with Arab News, Philip Bahoshy, founder of MAGNiTT, said he believed that venture funding will begin to see a decrease in growth rate this year but Saudi companies will compensate via mergers and acquisitions.
Rise in M&A activities
“We will continue to see a record…