Venture-backed startups in Saudi Arabia have been bolstered by a confluence of favorable trends in recent years—including low interest rates, increasing urbanization, demand for online groceries, pro-business reforms and a sharp rise in oil revenues.

The momentum has catapulted VC deal value in the region, reaching more than $425 million so far this year, on pace to surpass record levels of 2021, according to PitchBook data.

Company	Deal date	Total VC raised to date ($M)	HQ city	Description
Tamara	8/22/2022	$216.8	Riyadh	Developer of a buy now, pay later platform
Unifonic	9/15/2021	$146.0	Riyadh	Developer of customer engagement software
Sary	12/8/2021	$112.1	Dammam	Developer of a wholesale grocery platform for small businesses to procure inventory
Nana	2/2/2022	$74.6	Riyadh	Operator of an online platform for groceries and home goods
Foodics	4/20/2022	$73.2	Riyadh	Developer of a cloud-based restaurant management system
HyperPay	5/25/2022	$53.7	Riyadh	Developer of a platform for online payment processing services
Retailo Technologies	2/1/2022	$45.0	Riyadh	Developer of an online B2B marketplace for SME retailers
Lean Technologies	1/20/2022	$36.5	Riyadh	Developer of a fintech platform
Jahez	6/3/2020	$36.4	Riyadh	Operator of an online food delivery platform
Red Sea Farms	4/25/2022	$35.9	Thuwal	Developer of saltwater technologies for sustainably produced food
Rasan Technology	11/17/2021	$24.0	Riyadh	Operator of an insurance platform