Riyadh – Mubasher: Saudi-based e-commerce startup Sary has closed the largest funding round of $31 million in the Kingdom during the first half (H1) of 2021, through a Series B investment concluded last May, according to a recent report by Magnitt.

Foodics, under the food and beverage segment, was the second largest startup to raise funding in H1-21 with $20 million in a Series B round that was closed in January.

In the agriculture industry, Red Sea Farms was the third among the top five funding rounds after securing $10 million in Pre-Series A round in June. Saudi Aramco was among the selected investors in that round.

Azom, a startup in the IT solutions sector, came in the fourth place after raising $10 million in a Series A round last February.

In the fintech industry, Lendo was the last in the top five startups as it secured $7 million in investment through a Series A funding round in March.

The five Saudi startups combined have secured $78 million in funding rounds, accounting for 45% of the MENA region’s funding transactions in H1-21.

Concentration of capital in the top five deals in Saudi Arabia plunged to 47% in H1-21 from 81% in H1-20.