logo-en
  • Home
  • Companies
  • Investors
    • Home
  • FinTech Hub
  • News
LoginRegister
  • english iconEnglish
  • english iconArabic
  1. Mubasher News
  2. VC funding for Saudi e-commerce startups hits SAR 1.6 bn

VC funding for Saudi e-commerce startups hits SAR 1.6 bn

NOHA.GAD
Aug 27, 2024
Saudi e-commerce startups secured VC funding worth SAR 1.6 billion in 2023

Riyadh - Sharikat Mubasher: The e-commerce ecosystem in Saudi Arabia witnessed significant growth as e-commerce startups secured SAR 1.6 billion ($428 million) in venture capital (VC) funding in 2023, a recent report by the Small and Medium Enterprises General Authority (Monsha’at) unveiled.

The report, titled ‘Unlocking E-commerce for SMEs’, revealed that the total number of verified commercial registrars for e-commerce businesses by the Saudi Business Center reached 16,556 in 2023.

As the second-highest VC-funded sector in the Kingdom, e-commerce is expected to contribute 12% to the national gross domestic product (GDP) in 2025, achieving a compound annual growth rate (CAGR) of 15% between 2020-2025. Additionally, the number of e-commerce users is anticipated to hit 34.5 million by 2025.

The e-commerce total revenues are projected to touch SAR 260 billion by 2025, while cashless payments are expected to account for 80% of payments in the Kingdom by 2030.

Muhannad Almulhim, an E-commerce Consultant at the E-commerce Council, said: “By 2024, the expected growth in e-commerce revenues is estimated at SAR 211 billion according to the E-Commerce Council, indicating positive developments in several key areas, including infrastructure and the legislative environment made possible by Vision 2030.”

Moreover, the report highlighted the impact of e-commerce on the SME sector and the challenges facing e-commerce SMEs in the Kingdom, as well as Monhsa'at's efforts to nurture SMEs in the e-commerce sector.

Tags

Saudi Arabia
Monsha'at
SMEs
Share

Attract clients with your ad

Start Now

Trending

Fintech Galaxy gets IPA from CBUAE to operate as Open Finance provider
MUBASHER
XSquare secures pre-seed round led by Raed Ventures
MUBASHER
Aramco’s Prosperity7 Ventures invests in Velaura AI’s $110mn Series A round
MUBASHER
HUMAIN unveils AI PC developed with Qualcomm
MUBASHER.SA
Saudi Arabia launches first Energy Hackathon ahead of 25th WPC Energy Congress
MUBASHER.SA

Related News

Funding News
Calendar Icon
Aug 20, 2026
XSquare secures pre-seed round led by Raed Ventures
Read More
Funding News
Calendar Icon
Aug 19, 2026
HeyBreez secures $2.5mn in seed funding to deepen platform infrastructure
Read More
Funding News
Calendar Icon
Aug 19, 2026
AILA raises $3mn pre-series A to expand AI-powered learning
Read More
Funding News
Calendar Icon
Aug 13, 2026
Mobility financing platform Naran secured $10mn to fuel expansions
Read More
Funding News
Calendar Icon
Aug 11, 2026
Arab Therapy secures $2mn in pre-Series A round to accelerate Saudi expansion
Read More
Funding News
Calendar Icon
Aug 9, 2026
Majestic Mind Games raises $1.45mn to develop games in Saudi Arabia
Read More
Funding News
Calendar Icon
Aug 9, 2026
Fitting raises $1.1mn in seed round to expand Saudi operations
Read More

Sharikat Mubasher Newsletter

Get insights and exclusive content from the world of business and finance that you can trust delivered to your inbox

Email is Required
Should be a valid email

Democratizing private equity investments

  • Home
  • Companies
  • Investors
  • FinTech Hub
  • News
  • Contact Us
  • Sitemap
2024 All rights reserved to Sharikat Mubasher