Saudi-based biotech startups raise $10 million
Saudi-based biotechnology (biotech) startups incubated by Badir Biotech Incubator, under the Badir Program raised close to $10 million last year in new funding that was led by venture capital firms, individual investor networks and governmental institutions.
Individual investment in these projects accounted for 5.3 per cent of the total investment while venture capital companies contributed with 90 per cent of the total amount of financing and investment into biotech startups.
“We look forward to supporting biotech startups which have the basic factors that enable them to make quantitative changes in the main technology sectors,” said Nawaf Al Sahhaf, chief executive officer at Badir Program for Technology Incubators and Accelerators.
“We expect a rise in the average of establishing and funding this type of companies in the coming years, especially following the adoption of new alternatives for offering flexible funding opportunities, hence assisting them in developing their investment plans and increasing their future expansions.”
Established in 2010, Badir Biotechnology Incubator aims to support the development of the biotech business sector and advance the health sector in the kingdom. Last year, startups incubated by the Badir Program raised $29 million in 63 funding deals.