Riyadh – Mubasher: The technology startups sponsored by Saudi Badir Programme for Technology Incubators (Badir) have obtained SAR 8.8 million ($2.35 million) in financing during the first quarter of 2018.

Over the course of the first three months of 2018, technical startups invested around SAR 4.93 million ($1.31 million) funded by venture capital firms, while individual investors provided around SAR 3.9 million ($1.04 million) for the startups, Badir statistics revealed.

Meanwhile, the governmental bodies provided a combined financing of around SAR 7.05 million ($1.9 million) to Badir startups through inking 26 contracts, while funding by private sector firms amounted to SAR 30 million ($8 million) after signing six deals.

“Disclosing the startups’ funding deals will contribute to raising awareness and transparency within the funding environment in the local market, especially with the remaining funding gap that hinders emerging companies from turning into businesses capable of attracting investments,” Badir CEO Nawaf Al Sahhaf said.

The programme forecasts the launch of new startups to increase in the coming period, Al Sahhaf added.

Badir is a major programme in King Abdulaziz City for Science and Technology, which aims at supporting and enhancing technical entrepreneurship.