Capital raising services in Saudi Arabia
Saudi Arabia's VC market has grown faster than any other GCC country since 2020, driven by Vision 2030 mandates, SVC's fund-of-funds programme and Sanabil's direct growth-stage deployment.
Companies such as Tamara, Lean Technologies, Salla and Mrsool have raised significant USD-denominated rounds from regional and international investors, with Monsha'at and STC Pay demonstrating Saudi Arabia's growing fintech and commerce depth.
Flow manages mid- to late-stage VC fundraising processes for Saudi founders raising growth capital on the best terms available - drawing on an extensive VC investor network, building the operating and financial model, preparing pitch materials and running end-to-end process management from first outreach through to close.
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VC rounds raised in the last 12 months in Saudi Arabia
$139M
Median VC valuation (across all stages) in Saudi Arabia
-
Median VC revenue multiple (across all stages) in Saudi Arabia
$254M
Largest VC round raised in Saudi Arabia in the last 12 months
Raising venture capital in Saudi Arabia
Saudi Arabia's VC market has scaled rapidly under Vision 2030, with Riyadh anchoring the local scene. SVC, Sanabil and PIF-adjacent vehicles anchor public co-investment alongside the broader regional UAE/Egypt/Bahrain VC ecosystem.
Documentation conventions
Saudi venture rounds typically use international (English-law or US-influenced) documentation, often with the holding entity in ADGM, DIFC, Cayman or Delaware. The Capital Markets Authority oversees regulated activities; private rounds operate under standard Saudi corporate law adapted for venture mechanics.
Convertible notes and SAFEs
Convertible loan notes and Y Combinator SAFEs are both used in Saudi venture rounds. Conversion typically at the next priced round at a discount or capped valuation.
Holding structure choice
Many venture-backed Saudi companies operate via an offshore holding entity (Cayman, Delaware, ADGM) over Saudi operating subsidiaries. The structuring choice affects investor familiarity, employee ESOPs and exit mechanics; the trade-off against Saudi nationalisation and tax benefits is part of the founder's structuring decision.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard.
Sectoral and foreign-investment considerations
Specific sectors require Saudi Ministry of Investment (MISA) approval for foreign investment. Financial services, telecoms, defence and certain media sectors have specific foreign ownership and regulatory regimes. Most pure-tech rounds operate without sector-specific approval.
Closing mechanics
Closings vary by structure - Cayman/Delaware-parent closings follow international conventions; Saudi-domestic LLC closings involve Ministry of Commerce filings and notarisation. Standard practice and well-understood by Saudi counsel.
Largest private tech companies in Saudi Arabia
Almosafer valued at $3.3B is the largest still privately-owned company in Saudi Arabia.
See all large tech companies in Saudi Arabia| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Almosafer | | Almosafer is a Riyadh-headquartered online travel agency offering hotel bookings, flight reservations, chalet rentals, and holiday packages across the Middle East and North Africa. As part of Seera Group, it operates in Saudi Arabia, UAE, and Egypt, partnering with over 500 airlines including Saudia and Emirates, and 100,000 hotels worldwide. The platform supports Arabic and English interfaces with features like price alerts and virtual tours. Almosafer processes millions of transactions annually through its app available on iOS and Android. Established in 2019, it expanded to corporate travel services in 2022. | Sep-22 | $1.0B | $3.3B | |
Tabby | | Tabby is a Dubai-headquartered buy-now-pay-later provider operating in UAE, Saudi Arabia, and Kuwait. Founded in 2020 as a unicorn valued at $3.5 billion, it partners with 20,000 retailers like IKEA and Adidas for interest-free installments over four payments. The platform serves 5 million users with virtual cards and credit limits up to AED 20,000. | Feb-25 | $160M Series E | $3.3B | |
Ninja | | Ninja is an Abu Dhabi-based quick commerce operator delivering groceries and daily essentials within 10 minutes. Launched in UAE, it operates dark stores in major cities and expands through hyperlocal fulfillment networks. | Jul-25 | $254M | $1.5B | |
Cenomi Retail | | Cenomi Retail is a Dubai-headquartered omnichannel lifestyle retailer operating under Cenomi Holdings. The company manages fashion, beauty, and home goods brands across physical stores and e-commerce in the Middle East. It oversees portfolios including Emaar Malls retail spaces and online platforms serving Saudi Arabia and UAE markets. Formed in 2023 through merger, Cenomi Retail integrates loyalty programs across 20+ brands. | - | - | $1.3B | |
stc pay | | stc pay is a Riyadh-headquartered digital wallet application and subsidiary of stc Group in Saudi Arabia. Aligned with Vision 2030, it enables secure mobile payments, money transfers, and merchant connections using stc's telecom network. The platform covers daily transactions for consumers and businesses, including bill payments and QR code scanning. | Nov-20 | $200M strategic inv. | $1.3B | |
Electric Vehicle Infrastructure | | Electric Vehicle Infrastructure is a supplier of AC and DC fast-charging stations for electric vehicles in Saudi Arabia. Headquartered in Riyadh, the company deploys charging networks at highways, malls, and residential areas supporting CHAdeMO, CCS, and Tesla protocols. Launched in 2021, it operates over 200 stations nationwide and collaborates with Aramco and Public Investment Fund initiatives to expand EV adoption in the Kingdom. | - | - | $1.1B | |
Tamara | | Tamara is a buy-now-pay-later platform that enables installment payments for online shopping across Saudi Arabia and the GCC region. Headquartered in Riyadh with additional offices in the United Arab Emirates, Egypt, Germany, and Vietnam, the company launched operations in September 2020. Tamara partners with major retailers such as SHEIN, Jarir, Noon, IKEA, and H&M alongside thousands of local merchants to facilitate flexible payment options for consumers. | Dec-23 | $340M Series C | $1.0B |
Startups who recently raised money in Saudi Arabia
Largest VC round raised recently in Saudi Arabia was a $45M Series B of Rewaa in December 2025.
See all VC rounds in Saudi Arabia| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Rewaa | | Rewaa is a Dubai-headquartered e-commerce enabler for retailers that automates online listings from physical stores via its Cashier System. The solution integrates inventory across in-store, online shops, and marketplaces, using physical locations as fulfillment centers to minimize staffing needs and update stock levels automatically. Merchants reduce operational costs while expanding digital sales channels seamlessly. | Abdulrahman Sulaiman Alrajhi & sons Co.Idrisi Ventures+7 | $45M | - | Series B | |
Feb-26 | Madfu | | Madfu is a Riyadh-based digital payments provider facilitating cashless transactions for consumers and merchants in Saudi Arabia. Launched in 2020, its app enables bill payments, mobile top-ups, and retail QR code settlements without fees or interest, integrated with SADAD and major banks like Al Rajhi. The service targets unbanked users in retail, utilities, and government services, aligning with Saudi Vision 2030 digitization goals. | Afak Financial | $25M | - | Seed | |
May-26 | Stitch | | Stitch is an operating system for modern financial institutions that enables building financial products. | Andreessen HorowitzArbor Ventures+3 | $25M | - | Series A | |
May-26 | Arib | | Arib is a Riyadh-based fintech platform acting as a digital broker for financing products in Saudi Arabia. The company facilitates personal loans, auto finance, SME funding, and credit cards from banks like Al Rajhi and SABB. Launched in 2021, Arib streamlines applications via mobile app with instant eligibility checks and Sharia-compliant options for the Kingdom's growing digital lending market. | Merak Capital | $24M | - | Undisclosed stage | |
Feb-26 | Simplified Financial Solutions Company | | Simplified Financial Solutions Company is a Dubai-based fintech providing corporate card issuance and expense management for startups and SMEs in the Middle East. Clients receive virtual Visa cards for immediate spending control, physical cards for travel, and automated receipt matching via OCR scanning. The platform integrates with QuickBooks and Xero for real-time reporting, supporting multi-currency transactions across UAE, Saudi Arabia, and beyond. | ANB CapitalBreyer Capital+8 | $20M | - | Series A | |
Feb-26 | CashIn | | CashIn is a merchant enablement app for smart POS devices in Saudi Arabia that handles sales processing, digital payments, and inventory tracking. It supports QR codes, NFC, and loyalty programs for retail outlets. Riyadh-based, CashIn streamlines operations for small shops through cloud syncing and analytics dashboards. | Impact46 | $16M | - | Series A | |
Feb-26 | Safqah Capital | | Safqah Capital is a Riyadh-headquartered fintech and proptech firm structuring Sharia-compliant Sukuk for real estate developers via a digital platform. | 500 GlobalANB Capital+10 | $15M | - | Seed | |
Apr-26 | Signit | | Signit is a platform for organizations to create, sign, and manage digital agreements, including legally binding electronic signatures and full contract lifecycle management. | Raed VenturesSEEDRA Ventures+3 | $15M | - | Series A | |
May-26 | Makera | | Makera is a studio crafting immersive multiplayer games powered by generative AI and user-created content. | Beijing Artificial Intelligence Industry Investment FundCAS Star+4 | $15M | - | Series A | |
Dec-25 | Cognna | | Cognna is a Tel Aviv-headquartered SaaS cybersecurity provider that employs cognitive artificial intelligence to bolster security operations centers. The platform excels in proactive threat detection, real-time anomaly identification, and adaptive risk management across enterprise networks. Security teams use its tools to simplify forensic investigations, accelerating incident response times from hours to minutes. Cognna integrates seamlessly with existing SIEM systems like Splunk and Elastic, serving clients in finance and healthcare sectors. Founded in 2021, the company has expanded its capabilities to include automated threat hunting and GenAI-driven analyst assistance. | BNVT CapitalImpact46+2 | $9.2M | - | Series A | |
Mar-26 | Muhlah | | Muhlah is a Saudi fintech firm offering microfinancing with emphasis on credit discipline, transparency, compliance, and financial inclusion. Products target underserved segments through responsible lending and sustainable repayment terms without physical branches. | AlSuhaimi Group HoldingBusiness Innovation Mine+2 | $7.5M | - | Seed | |
Apr-26 | Aya | | - | Joa CapitalKhwarizmi Ventures+3 | $6.9M | - | Series A | |
Nov-25 | Strataphy | | Strataphy is a provider of geothermal cooling services for buildings, industrial facilities, data centers, and aquaculture operations. Its model delivers sustainable temperature control through ground-source heat exchange systems. Headquartered in the Netherlands, the company targets energy-efficient cooling in high-demand sectors. | Outliers Venture CapitalPlus Venture Capital+1 | $6.0M | - | Seed | |
May-26 | Stream | | Stream is a Saudi Arabia-based payment gateway simplifying transactions for e-commerce merchants and businesses. Operating via streampay.sa, the platform processes card payments, digital wallets, and bank transfers with enhanced speed and reliability. It integrates with local gateways like STC Pay and supports fraud detection alongside real-time settlement to streamline operations in the Middle East retail sector. | Arab BankBECO Capital+4 | $5.2M | - | Seed | |
Jan-26 | Grove | | Grove is a Riyadh-based technology company developing a demand-driven platform for the fresh produce supply chain, integrating farms, markets, and consumers to optimize quality and logistics. | Ahmed Ibrahim SaidanMadarat Investment+1 | $5.1M | - | Seed |
Top VCs and strategic investors in Saudi Arabia
Exel by Merak, Merak Capital, Sanabil 500 MENA Seed Accelerator and SEEDRA Ventures funded the most startups in Saudi Arabia in the last 12 months.
See all VCs in Saudi Arabia| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Sanabil 500 MENA Seed Accelerator | | Sanabil 500 MENA Seed Accelerator is a Riyadh-based program jointly run by Sanabil Investments and 500 Global to fund early-stage startups in the Middle East and North Africa. The accelerator provides $150,000 investments, mentorship, and demo days for tech ventures in fintech, e-commerce, and healthtech. Past cohorts include companies like Tamara and Tamara, fostering over 50 startups since launch with a focus on Saudi Vision 2030 alignment. | GovernataMaison SafqaShip+Tag+2 | 12 | Seed | |
Sanabil | | Sanabil Investments is a Riyadh-headquartered sovereign wealth fund managing assets for Saudi Arabia's Public Investment Fund. The firm executes direct equity deals and fund-of-funds strategies, targeting infrastructure, real estate, and technology primarily within the Kingdom. Sanabil supports economic diversification through stakes in local banks, telecoms, and international portfolios, training Saudi professionals in global investment practices. | AyaSafqah CapitalSimplified Financial Solutions Company+2 | 12 | Series A | |
Merak Capital | | Merak Capital is a Riyadh-licensed asset manager under CMA license 18194-32 focusing on technology investments since 2020. The firm handles private equity and venture capital in KSA and MENA alongside global public equities. Targeting fintech and SaaS, Merak deploys funds into 15 startups including cybersecurity firms in Dubai and AI platforms in Jeddah. | AribQwacksNabt app+2 | 11 | Seed | |
SEEDRA Ventures | | SEEDRA Ventures is a Riyadh-headquartered early-stage venture capital firm investing in technology startups across the Middle East and North Africa. Focused on sectors like FinTech, healthtech, and logistics, it provides seed funding up to $1 million per deal. The Saudi firm, active since 2016, backs companies in Saudi Arabia, UAE, and Egypt through seedra.com. | SignitSolidrangeSimplified Financial Solutions Company+2 | 11 | Seed | |
Raed Ventures | | Raed Ventures is a Riyadh-based venture capital firm investing in seed and early-stage startups across Saudi Arabia and MENA in fintech, healthtech, and edtech. The fund leverages regional networks for market entry support, co-investing with corporates to scale operations in GCC markets. | StitchSignitAya+2 | 10 | Seed | |
Impact46 | | Impact46 is a Riyadh-headquartered asset management firm specializing in alternative investments for Sharia-compliant portfolios. It manages over $500 million in assets through private equity, real estate, and venture capital funds targeting Middle East and global opportunities. Established in 2018, Impact46 advises institutions, family offices, and high-net-worth individuals from GCC countries, with notable investments in fintech startups like Tamara and logistics firm Borrow A Boat. The firm operates from Saudi Arabia, UAE, and Bahrain, prioritizing ESG-aligned deals in technology and healthcare. | CashInCognnaSadq+2 | 10 | Seed | |
5 | 500 Global | | 500 Global is a San Francisco-headquartered venture capital firm formerly known as 500 Startups founded in 2010. The firm invests from seed to growth stages in technology companies across Southeast Asia, Latin America, Middle East, Europe, and the US with a portfolio exceeding 2,800 startups. Notable investments include Canva, Creditas, and Revolut spanning fintech, e-commerce, and SaaS sectors. 500 Global operates regional funds and accelerators in 80 countries promoting diverse founder ecosystems. | Safqah CapitalGovernataMaison Safqa+2 | 9 | Seed |
Sadu Capital | | Sadu Capital is a Riyadh-based venture firm supporting pre-seed, seed, and Series A startups in Saudi Arabia's tech ecosystem. Founded in 2021, it invests in fintech, edtech, and healthtech, with a fund size of $30 million and portfolio companies like Tamara and Nice One. The firm bridges founders to growth capital through mentorship and regional networks. | SolidrangeSafqah CapitalGovernata+2 | 9 | Seed | |
Exel by Merak | | Exel by Merak is a gaming accelerator that supports entrepreneurs and organizations with tailored programs, project development, and strategic consulting. Based in Montreal, Canada, it operates under Merak Games, focusing on mobile and PC titles. The platform connects participants to industry mentors, funding opportunities, and distribution networks in North America and Europe. Exel by Merak runs cohort-based initiatives like its annual accelerator, which has backed over 20 studios since 2020, emphasizing hyper-casual and mid-core genres. | AstraValleDaFluffs GamesEvolite Studio+2 | 8 | Pre-seed | |
NeoMedia Technologies | | NeoMedia Technologies Inc is a U.S based company engaged in the development of two dimensional (2D) mobile barcode technology and services solutions that enable the mobile barcode ecosystem around the world. With the company's technology, mobile devices with cameras become barcode scanners, enabling a range of practical applications, including mobile marketing and mobile commerce. | Fourcast StudioMakeraOFF BOX Studios+2 | 6 | Pre-seed |
What if not VC? Non-equity funding in Saudi Arabia
Saudi Arabia's non-dilutive funding stack has scaled materially under Vision 2030 - between SVC programmes, Monsha'at SME support, sector-specific initiatives and tax advantages (no personal income tax, low VAT, zakat regime for Saudi-owned), Saudi startups have multiple paths to extend runway.
SVC fund-of-funds and direct
SVC anchors most active Saudi VC funds as LP and provides direct equity at Series A and later. While indirectly an equity participant, SVC's scale effectively underwrites a meaningful share of Saudi venture capital.
Monsha'at SME programmes
Monsha'at administers Tomouh accelerator, financing guarantees and capacity building programmes. Slow but non-dilutive and useful for credibility.
Tax advantages
Saudi Arabia imposes no personal income tax. Corporate income tax (20%) applies only to foreign-owned shares of mixed entities; zakat (2.5%) applies to Saudi-owned shares. 15% VAT on goods and services. The cumulative effect materially improves cash position relative to peer jurisdictions.
Vision 2030 sector programmes
Sector-specific programmes (Misk Foundation for youth, Ministry of Communications and IT for tech, Saudi Aramco's Wa'ed for indigenous content) provide additional grants and acceleration. Worth checking sector eligibility for relevant calls.
Bank lending against guarantees
SAMA-licensed banks provide SME lending, often supported by Kafalah loan guarantee programmes that absorb a portion of credit risk. Used alongside private VC for working capital and growth.
Sovereign-anchored venture debt
Venture debt is still nascent in Saudi but emerging. PIF-adjacent and regional providers (Shorooq Partners credit, regional banks) are scaling lending into Saudi venture-backed companies. Typically deployed from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Saudi Arabia and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Saudi Arabia.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Saudi Arabia
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Saudi Arabia
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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