Early Stages — Big Opportunities: The Experience of the Saudi Venture Capital Market for Kazakhstan

In recent years, the MENA region has become a new area of interest for startups and investors, as stated in a report by MAGNiTT, a platform for VCs and investors. Currently, Saudi Arabia is not just a rapidly growing market but a strategic platform that Central Asia should pay attention to: for startups, as the next market for scaling, and for investors, as a growth point for their portfolios.

Experts from White Hill Capital will share an overview of the research and insights on the opportunities provided by this new market.

Aslan Sultanov, Founder and CEO of White Hill Capital

MENA: A Market That Cannot Be Missed

In 2024, Saudi Arabia took the leading position in the number of venture deals in the region, conducting 178 transactions, which accounted for 31% of all deals in MENA. In comparison, in 2023, its share of the total volume of deals was 29%. Impressive is not only the scale but also the structure of the deals: 85% of investments were directed at early stages — Seed and Series A.

Growth in deals by stage:

— Seed: +57%
— Series A: +30%

This opens up opportunities for both investors and startups from Central Asia looking for options to scale their products. Today, startups from Kazakhstan, Kyrgyzstan, Uzbekistan, and other countries in the region are increasingly considering expanding beyond the local market. According to MAGNiTT data, the following trends have already formed in Saudi Arabia:

— growing interest in logistics, FinTech, B2B SaaS, and AI — these are exactly the areas where many startups from Central Asia have achieved success

— high demand for products adapted to local needs, especially if they are already successfully operating in a developing region. Language adaptation is also important

— simplified access to the market thanks to government programs, hubs, and international partnerships.

Why This Could Be Interesting for Both Startups and Investors

By investing in local acceleration programs, investors get the opportunity to select the best projects, while startups go through the path from beginners to experienced businessmen in a new market in just a few weeks. This creates synergy: a local investor helps a startup grow globally — and receives a multiplier not only through the product but also due to expansion.

Where and What to Invest In: Focus on Strong Industries

Top 5 industries by the number of deals in Saudi Arabia in 2024:

Why Investors Should Act Now

1. Deals in Saudi Arabia are growing faster than in other MENA countries.

2. Early stages dominate — entering the market is still accessible and relatively inexpensive.

3. Large exits are already happening — IPOs of companies like Jahez, Rasan, NiceOne, and other M&A deals confirm that the ecosystem is working.

How to Enter the MENA Market

Kazakh and international specialists are actively consulting businesses interested in entering the MENA market. IT companies can turn to Astana Hub, which has been actively developing cooperation with partners in the UAE, Saudi Arabia, and other countries in the region for several years.

For example, the Al-Farabi Innovation Hub in Riyadh was created with the support of Astana Hub to scale startups from Central Asia and the Caucasus into the MENA market. Participants receive assistance in business registration, finding pilot clients, and attracting investors.

Saudi Arabia today is not only a magnet for global investments but also a real growth point for ambitious startups from Kazakhstan and other Central Asian countries. For investors, this is a unique chance to invest in companies that look beyond their region and are ready to enter international markets.

If you are looking for the next growth center — welcome to MENA.