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

Alkhabeer Capital launches new brokerage platform to empower investors
MUBASHER.SA
Regeny launches EV fast-charging facility near DXB Airport
MUBASHER
Akdital to invest over SAR 5 bn to expand business across Kingdom
MUBASHER
Monsha’at pacts with TabSense to empower SMEs with AI solutions
MUBASHER.SA
Oumla raises extension seed round to accelerate infrastructure development
MUBASHER.SA

Related News

Funding News
Calendar Icon
Dec 25, 2025
Oumla raises extension seed round to accelerate infrastructure development
Read More
Funding News
Calendar Icon
Dec 25, 2025
Saudi AI startup Newera.ai raises SAR 8 mn pre-seed round
Read More
Funding News
Calendar Icon
Dec 24, 2025
Lucid Capital secures $2.5m seed round led by Tharawat Holding
Read More
Funding News
Calendar Icon
Dec 18, 2025
Premialab secures $220mn from KKR to fuel global expansion
Read More
Funding News
Calendar Icon
Dec 15, 2025
iVoiceUp raises funds to boost AI Ethics and compliance techs
Read More
Funding News
Calendar Icon
Dec 8, 2025
Qwacks closes SAR 1.8 mn pre-seed round led by Merak Capital
Read More
Funding News
Calendar Icon
Dec 8, 2025
Qadi raises Pre-Seed round to build AI compliance platform
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