Saudi Arabia and the broader Middle East and North Africa (MENA) region have witnessed a surge in significant startup funding rounds, underscoring the Kingdom’s rising role in technology investment and digital transformation aligned with Vision 2030 economic diversification goals.
In a headline deal, Saudi quick-commerce startup Ninja secured $250 million in a funding round led by Riyad Capital, pushing its valuation to $1.5 billion and earning unicorn status. Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and essentials rapidly across Saudi Arabia, Bahrain, Qatar, and Kuwait. The capital will help scale logistics, expand into new markets, and prepare for a planned public listing on the Saudi Exchange by 2027. Riyad Capital’s backing cements its position as a major institutional investor in the MENA startup ecosystem.
Meanwhile, PetroApp, a Saudi digital platform for fuel and fleet management, raised $50 million in a round led by Jadwa Investment’s GCC Diversified Private Equity Fund with support from Bunat Ventures. Founded by Abdulaziz Al-Senan in 2018, PetroApp offers cashless payment and value-added services to corporate and government fleets, streamlining expenses and reducing fraud. The new funding will accelerate technology upgrades, nationwide scaling, and support Saudi Arabia’s digital transformation in industrial sectors.
These investments highlight Saudi Arabia’s emerging venture capital ecosystem and its strategic push toward innovation-driven economic growth.
