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2019 was a great year for technology startups incubated by the Badir Program for Technology Incubators and Accelerators. The net funding received by all the startups under Badir’s wing reached nearly $63 million, breaking all previous yearly highs. 

Badir, an initiative by King Abdulaziz City for Science and Technology (KACST), reported earlier this week that an array of venture capital firms, private companies, individual investors, and governmental institutions participated in the funding round throughout 2019. 

In total, startups incubated by Badir has scored 184 deals since 2010, bagging $135 million, according to statistics provided by the Business Incubators and Accelerators Company (BIAC), the entity overseeing the Badir program.

The report further shows that VC firms spearheaded the funding rallies, accounting for nearly 40% of all capital. Private sector companies contributed nearly 33%, followed by individual investors and government institutions at 20% and 7% respectively.

“As the startup environment is thriving in Saudi Arabia, we have seen more of the startups succeed in receiving significant investments from several investors. The success of startups provides an incentive for encouraging and enhancing the entrepreneurship environment in the market,” said Nawaf Al Sahhaf, the Chief Executive Officer of BIAC, following the release of the BIAC report.

Badir, which has been one of the main pillars in the country’s tech startup ecosystem, facilitates funding to startups by helping them connect with investors and entrepreneurs through the annually held flagship “Projects Presentation Day” program.