Saudi startups raise $293M on day three of Leap26 in Riyadh
What's the deal? Startups announced $293 million across 11 investment deals and venture capital funds on the third day of the Leap26 tech conference in Riyadh, according to Asharq Al-Awsat. The figures underscore rising investor activity as Saudi firms push into regional and international markets.
Why now? Saudi Arabia captured 45% of total venture capital funding in the Middle East and North Africa this year, up from 32% in 2024, said Assistant Minister of Communications and Information Technology Sultan Al-Saeed. Startup financing has grown 27-fold since 2018.
What's the endgame? The Kingdom led the regional venture market for the third consecutive year, taking more than 37% of all deals. It now hosts nine unicorns — half the region's total.
The market moves: Several firms used the conference to expand across borders. US venture firm A16Z entered the Saudi market for the first time through a partnership with Stitch, while restaurant management platform Foodics grew past 40,000 branches and acquired Greek firm Norma AIDealroom has a profile for this one. Try Dealroom →. Customer engagement platform Unifonic expanded internationally through Segmentify.
By the numbers: Al-Saeed pointed to research payoffs, citing an initial investment of 3 million riyals ($800,000) that produced solutions preventing an estimated 3.3 billion riyals ($880 million) in fraud. He also noted AI firms drew $258 billion globally in 2025, or 61% of total global venture capital.
What's next? Saudi Arabia is backing its ambitions with more than $13 billion in advanced computing systems and foundational AI models. The push aims to help domestic founders build proprietary technology and compete worldwide.
The signal: With half the region's unicorns and a widening share of MENA venture capital, Saudi Arabia is positioning itself as the Gulf's dominant startup hub — and using Leap26 to court foreign investors like A16Z.
