Saudi Arabia saw a significant jump in venture capital investments in the financial technology sector, hitting 16 deals in the first eight months of 2021 totaling $157.2 million.
This compares with 2020, when seven venture capital deals were signed worth $7.8 million as pandemic restrictions curtailed activity, according to the annual Saudi Fintech annual report.
This year has also seen backing spread across a range of early-stage projects, with 46 percent at series A and B stages, 38 percent at the seed stage, and 15 percent at pre-seed levels.
Pre-seed funding is the earliest stage of investment, often from founders, family and close supporters. This is followed by more formal seed and series stages, where equity in the business is traded.
