This is the first report of its kind in the region.

Dr. Nabil Koshak, CEO and board member of SVC, emphasized the growth and entrepreneurial momentum in Saudi startups, which is driven by Vision 2030 initiatives and the increasing number of ambitious founders in various sectors.

The "10-Year Report on Startup Founders in Saudi Arabia" reveals key information about the founders of companies that secured significant investment financing in the Kingdom over the past decade.

The report indicates that 44% of these businesses were established by multiple partners, who received 53% of the total venture capital funding.

In contrast, companies with a sole founder accounted for 30% of all startups but received only 15% of the financing from 2014 to 2023.

Dr. Koshak highlighted the Saudi Venture Capital Company's (SVC) dedication to producing such reports, which will offer valuable data and insights to decision-makers, government officials, investors, and founders for informed decision-making and policy development to foster the growth of the startup ecosystem in Saudi Arabia over the next ten years.

The CEO of MAGNiTT, Philip Bahoshi, emphasized the significance of a new report in increasing transparency in Saudi Arabia's private investment sector.

The report showed that 36% of the 400 founders had over a decade of work experience before starting their businesses.

Conversely, 66% of them were first-time entrepreneurs, while 30% had previously founded startups at the regional level.