logo-en
  • Home
  • Companies
  • Investors
  • Opportunities
    • Home
    • SME Loans
  • 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

Aldin: HyperPay aims to streamline digital payments across MENA
MUBASHER.SA
FIT’s Saudi JV to start building Middle East factory in December
MUBASHER.SA
Lean Node, 1957 Ventures team up to accelerate AI-driven fintech startups
MUBASHER.SA
Oncount raises $1.5mn to launch AI accounting platform
MUBASHER
Value Makers Studio invests in Saudi Startups Ballurh, Arab Therapy
MUBASHER.SA

Related News

Funding News
Calendar Icon
Sep 17, 2025
Oncount raises $1.5mn to launch AI accounting platform
Read More
Funding News
Calendar Icon
Sep 16, 2025
Oumla closes $2.4mn seed round led by Core Vision
Read More
Funding News
Calendar Icon
Sep 16, 2025
Spare closes $mn round to accelerate open banking expansion across MENA
Read More
Funding News
Calendar Icon
Sep 16, 2025
Saudi fintech company LUDN closes $4.8mn seed round
Read More
Funding News
Calendar Icon
Sep 16, 2025
Farid Academy expands to Saudi Arabia with SAR 4.5 mn partnership
Read More
Funding News
Calendar Icon
Sep 16, 2025
Wadaie raises seed round to scale shariah-compliant deposits platform
Read More
Funding News
Calendar Icon
Sep 15, 2025
Google Pay launches in Saudi Arabia at Money20/20 Middle East
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
  • Opportunities
  • News
  • Contact Us
  • Sitemap
2024 All rights reserved to Sharikat Mubasher