The technology startups incubated by Badir Program, one of the King Abdul Aziz City for Science and Technology main initiatives, have successfully raised more than SR48 million ($12.79 million) during 2017 through 15 funding deals.

The funding deals were led by the supporting venture capital firms, individual investors’ networks and governmental institutions hence recording a 64 per cent increase in comparison with the previous year, said a statement.

The funding the venture capital firms amounted to SR34.5 million ($9.19 million) approximately which were divided on five startups, it said.

The individual investors have funded eight companies in an amount of about SR11.89 million ($3.17 million), while the funding of the Social Development Bank has reached SR1.9 million ($506,483) approximately in form of loans presented for the benefit of two startups, it added.

As a result of the “Demo Day” event organised by Badir Program three times a year for the purpose of joining startups with funding investors, the concluded deals amounted to half of the number of investment funding deals after announcing eight deals amounting to SR12.4 million ($3.306 million) approximately so far, said a statement.

While seven deals were concluded outside the competitive enterprises showcase with an overall value of SR35.8 million ($9.54 million) approximately, it said.

It is expected that the overall size of investment funding of startups will increase after disclosing the results of the third edition of the “Demo Day” event which was held last month; noting that concerns emerge out of this type of funding operations in relation to the confidentiality of information which are only revealed after closing the investment rounds according to Badir Program for Technology Incubators, it added.

The event of “Demo Day” aims at presenting, studying and facilitating the funding of promising investment opportunities among the technology startups incubated by Badir.

So far, 18 companies have presented their products, plans and market investment opportunities before more than 40 companies, investment funds and individual investors for the purpose of funding and developing such innovation based enterprises distinguished for having major growth opportunities in both local and regional markets, it stated. – TradeArabia News Service