https://arab.news/ceujp
CAIRO: Property technology venture capital investments in Saudi Arabia saw an annual increase of 35 percent in 2023 to reach $9 million, according to MAGNiTT’s latest report.
The venture data platform emphasized that the Kingdom outpaced Africa, the Middle East, Pakistan, Turkiye, and Southeast Asia regions with six proptech deals last year.
In funding amount, Saudi Arabia ranked fifth across all markets, with Indonesia leading with $54 million, followed by the UAE with $35 million, and South Africa and Singapore with $13 million and $11 million, respectively.
In terms of deal count, the UAE followed the Kingdom with five deals, while Indonesia, South Africa, and Turkiye each had three.
Total funding across all markets in 2023 amounted to $157 million, marking an 81 percent decrease compared to the previous year.
Deal count also experienced a significant annual decline, reaching 34 transactions, reflecting a 40 percent fall compared to 2022.
MAGNiTT’s Emerging Venture Markets Real Estate report focused on analyzing the property marketplace, co-working, tenancy management, and facility management subsectors.
The property marketplace was the leading sub-industry, attracting $120 million in funding, though this represented an 83 percent decline compared to the previous year.
Africa was the best-performing region, with a 10 percent annual increase in funding, reaching $22 million.
Property management was the most funded subsector on the continent, receiving $18 million in 2023, reflecting a 6 percent annual growth.
In terms of deal count, Africa experienced a 53 percent drop, totaling seven transactions for the year.
In the MEPT region, $59 million in funding was deployed in 2023, marking a 78 percent year-on-year decrease.
This was spread across 19 deals, with the property marketplace being the most funded subsector at $38 million and the most transacted with 11 investments.
Notably, seven out of the 10 most active investors by capital deployed in the region are headquartered in the US.
Founded in 2015, MAGNiTT is the largest venture capital data platform in the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia, with a database of over 32,000 startups and 11,000 investment firms.