“2023 was a rollercoaster year for Venture Capital. Globally, VC funding fell to $248.4B in 2023, the lowest level since 2017, while transaction volume fell by 30% YoY to 29,303 deals in 2023, a 6-year low, as reported by CB Insights. This trend was against the backdrop of stricter monetary conditions, rising inflation, and, in some regions, geopolitical instability. The Middle East and North Africa (MENA) Region is a prime example of this; amidst rising interest rates, technological disruptions, and geopolitical tensions, the number of deals in MENA reached its lowest levels since 2018, declining by 34%, while capital deployed retreated by 23% YoY, as reported in our MAGNiTT FY 2023 MENA Venture Investment Report.

The Rise of Saudi Arabia’s Venture Capital Ecosystem: A 5-Year Reflection [Magnitt]