It looks like 2017 was a rather productive year for Badir program and the technology startups it incubated. New data shows the net investment raised by Badir stood at a whopping $12.8 million (SR48 million).
Overall, there were 15 funding deals spearheaded by venture capital firms, governmental institutions, and individual investors. $9.2 million of the $12.8 million net investment raised, came from venture capital firms and was divided among five startups. Individual investors funded eight startups with $3.17 million, while the Social Development Bank funded two companies with nearly half-a-million USD.
Nawaf Al-Sahhaf, Chief Executive of Badir Program for Technology Incubators, attributed this impressive growth in investment figures to several factors including an increase in the number of funding and risk investment companies, as well as the rising influence of individual investor networks.
“Disclosing the deals of funding startups will result in raising awareness and transparency in relation to the funding environment within the local market, especially with the persistence of the funding gap affecting and hindering the companies in turning from an emerging company to complete commercial businesses capable of attracting investment capitals,” he said.
Badir happens to be one of the foremost initiatives undertaken by the King Abdulaziz City for Science and Technology (KACST).