Riyadh – Mubasher: Saudi Arabia’s biotech startups incubated by BADIR Biotechnology Incubator have raised fresh funding worth around SAR 38 million ($10.133 million) during 2018.
Venture capital companies, other governmental institutions, and individual investors’ networks made up the biggest share of funding transactions, according to an official statement on Monday.
“The Incubator hosts pioneering projects for researchers, technicians, and doctors in the fields of biotechnology and life sciences, such projects that have the potential to grow into promising and valuable companies in the Kingdom,” Badir Program’s CEO Nawaf Al Sahhaf stated.
BADIR Biotechnology incubator began business during 2010 to develop, enhance, and support biotechnology business industry in Saudi Arabia.
“The Biotech Incubator has received over 500 applications since its establishment, and it is currently incubating about 30 technical projects, all of which achieved sales of SAR 3.6 million and created more than 136 job opportunities to Saudi young people,” Al Sahhaf added.
BADIR Biotechnology Incubator is part of Badir Program sponsored by King Abdulaziz City for Science and Technology (KACST).
