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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.

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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.