Saudi startups that are part of the Badir Program saw a 64% in funding in 2017 to SAR 48 million from a year earlier.
Loans mainly came from venture capital companies, individual investors, and government institutions through 15 funding deals.
Venture capital companies led in terms of loans provided to Saudi startups with SAR 34.5 million given to five startups, followed by individual investors with SAR 11.89 million across eight startups, a statement by Badir revealed on Wednesday.
Coming in last was the Saudi Social Development Bank (SDB) with about SAR 1.9 million provided to two startups.
In December, Badir organised the third edition of its “Demo Day” event, which led to the signing of eight contracts at an estimated value of SAR 12.4 million.
“Seven deals were concluded outside the competitive enterprises showcase with an overall value of SAR 35.8 million approximately,” the startup incubator added in its statement.
Commenting on the successful funding of the Saudi startups, of Badir Program for Technology Incubators CEO Nawaf Al Sahhaf said that Badir was pleased to help support startups that are capable of making changes in the main technology sectors.
“We expect a rise in the average of establishing and funding this type of companies in the coming years, especially following the adoption of new alternatives for offering flexible funding opportunities, hence assisting them in developing their investment plans and increasing their future expansions,” Al Sahhaf added.
Every year, Badir organises three Demo Day events to connect startups with funding investors.