Riyadh – Mubasher: The technology startups sponsored by Badir Programme said that value of their funding levelled up 7.66% year-on-year in the second quarter of 2018.
The startups collected about SAR 11.66 million ($3.11 million) in funding during Q2-18, compared to SAR 10.83 million ($2.89 million) in the same quarter a year earlier, according to Badir Programme’s recent report.
Individual investors acquired the largest value of funding provided to the startups by injecting SAR 7.45 million ($1.99 million), followed by venture capital companies with SAR 1.40 million ($373,000), and private sector firms with SAR 2.80 million ($747,000), the report found
On a related note, the value of loans to technology startups has not passed SAR 10,000 ($2,666).
The current number of Badir’s technical startups jumped 18%, reaching 228 firms by the end of June, compared to 193 in 2017.
“The Saudi startup industry is seeing bright prospects and it was more activity H2-18,” Badir Program for Technology Incubators’ CEO Nawwaf Al Sahhaf said.
