LinkedIn has revealed the Top 10 Saudi Startups List for 2024, highlighting the top companies excelling in attracting top talent.
The list features companies, including Cipher, Tamara, and Rewaa, highlighting trends in digital security, convenience apps, and e-commerce growth.
The annual list, which is based on employment growth, engagement, and job interest, also offers insights into the Kingdom’s fast growing startup and entrepreneurial landscape.
LinkedIn’s Top 10 Saudi Startups List
In a region witnessing an unprecedented surge in entrepreneurial ventures, Saudi Arabia has emerged as a hotbed for innovative startups that are reshaping industries and captivating the attention of investors and job seekers alike.
Recognizing the Kingdom’s evergrowing startup ecosystem, the world’s largest professional network, LinkedIn, unveiled its highly anticipated annual ranking of the top 10 Saudi startups for 2024. These startups are:
- Cipher
- Tamara
- Mawidy
- MR MANDOOB
- SHIFT inc.
- Rewaa
- Soum
- LAWAZEM
- Mozn
- Squadio
This esteemed list not only celebrates the remarkable achievements of these trailblazing companies but also offers invaluable insights into the evolving landscape of the Kingdom’s startup scene.
Nabila Rahal, MENA News Editor at LinkedIn, remarked,
“This year’s list demonstrates that startups in the Kingdom are continuing to make their presence felt as they break into new industries and contribute to the country’s economic diversification. There is a clear focus on technological and innovative solutions within emerging companies in the country.”
Exploring the Top 10 Companies
Without further ado, let’s delve deeper into the esteemed lineup of Saudi Arabia’s top 10 startups for 2024, as ranked by LinkedIn:
1. Cipher
Claiming the coveted top spot, Cipher is a cybersecurity firm that has garnered widespread recognition for its exceptional services, including penetration testing, vulnerability assessments, risk and compliance evaluations, and security awareness training.
With a full-time workforce of 80 employees and a strong focus on cybersecurity, information security, and penetration testing, Cipher has positioned itself as a trailblazer in digital security.
2. Tamara
Securing the second position, Tamara is a Buy Now, Pay Later (BNPL) platform that has revolutionized how consumers in Saudi Arabia, the United Arab Emirates, and Kuwait make purchases.
With a staggering 663 full-time employees and a valuation of $1 billion after a successful $340 million Series C funding round, Tamara has solidified its position as a major player in the fintech industry.
3. Mawidy
Mawidy, an innovative platform that facilitates online booking of healthcare services and appointments with healthcare providers through artificial intelligence, has earned the third spot on the list.
With a team of 32 full-time employees and a strong emphasis on psychological assessment, problem-solving, and teamwork, Mawidy is poised to transform the healthcare sector in the Kingdom.
4. MR MANDOOB
Ranked fourth, MR MANDOOB is a versatile delivery service that caters to a wide range of consumer needs, including parcel delivery within or between cities, gas cylinder refilling, and digital card recharging.
With 75 employees skilled in financial accounting, financial reporting, and time management, MR MANDOOB has emerged as a trusted partner for seamless logistics solutions.
5. SHIFT Inc.
SHIFT Inc., an intelligent mobility app that enables users to rent vehicles, book chauffeurs online, and hire last-mile delivery services, has secured fifth place on the list.
With a formidable team of 500 employees adept in critical thinking, time management, and teamwork, SHIFT Inc. is poised to revolutionize the transportation and logistics sectors in the Kingdom.
6. Rewaa
Making its debut on the list, Rewaa is a platform that empowers retailers by automating operational processes related to inventory management, sales, and cost control.
With a workforce of 451 employees skilled in user experience (UX), user interface design, and negotiation, Rewaa is poised to disrupt the retail industry with its innovative solutions.
7. Soum
Soum, an online marketplace for pre-used electronic products, cars, and collectibles, has secured seventh place on the list.
With a team of 100 employees proficient in critical thinking, teamwork, and problem-solving, Soum is well-positioned to capitalize on the growing demand for sustainable and circular economy solutions.
8. LAWAZEM
LAWAZEM, an online B2B marketplace offering a comprehensive range of office supplies, including stationery, groceries, cleaning materials, and IT and printing needs, has earned the eighth spot on the list.
With a workforce of 63 employees skilled in human resources, teamwork, and negotiation, LAWAZEM is poised to streamline procurement processes for businesses across the Kingdom.
9. Mozn
Ranked ninth, Mozn provides Enterprise AI solutions for government, financial, and health sectors, facilitating decision-making in various areas, including risk and fraud.
With a team of 265 employees proficient in machine learning, deep learning, and user experience (UX), Mozn is at the forefront of leveraging cutting-edge technologies to drive innovation.
10. Squadio
Rounding out the top 10 is Squadio, a talent solutions platform that manages all aspects of the employment process, including payroll and HR management services.
With a workforce of 55 employees skilled in JavaScript, HTML, Java, Object-Oriented Programming (OOP), and C++, Squadio is well-equipped to support businesses in their talent acquisition and management endeavors.
The Ranking Methodology
LinkedIn’s Top Startups ranking is a meticulously curated list considering many factors, ensuring a holistic evaluation of each contender’s performance and potential. These factors include:
- Employment Growth: A key indicator of a startup’s success, this metric measures the percentage increase in headcount over the evaluation period, with a minimum threshold of 10% growth required for consideration.
- Engagement: This pillar assesses the level of interaction and interest a startup generates among non-employees. It encompasses factors such as views and follows of the company’s LinkedIn page and the number of non-employees who have viewed or followed the startup’s employees.
- Job Interest: A testament to a startup’s appeal, this metric quantifies the rate at which individuals view and apply for open positions within the company, encompassing paid and unpaid job postings.
- Attraction of Top Talent: An essential component for sustained growth, this pillar evaluates a startup’s ability to recruit employees from LinkedIn’s esteemed “Top Companies” list, a coveted recognition for industry leaders.
Eligibility Criteria
LinkedIn imposes stringent eligibility criteria for startups to be considered to ensure the ranking’s integrity and relevance.
Companies must be fully independent, privately held entities with a minimum of 30 full-time employees and no more than seven years of operation. Additionally, they must be headquartered within the Kingdom of Saudi Arabia.
Notably, specific categories of companies are explicitly excluded from the ranking, including staffing firms, think tanks, venture capital firms, law firms, management and IT consulting firms, non-profits and philanthropic organizations, accelerators, and government-owned entities.
Furthermore, startups that have undergone significant workforce reductions, laying off 10% or more of their employees during the evaluation period, are deemed ineligible for the list.
Unveiling the Trends
Beyond the individual rankings, LinkedIn’s Top Startups list for Saudi Arabia in 2024 offers valuable insights into the prevailing trends and emerging sectors within the Kingdom’s startup ecosystem. Here are some noteworthy observations:
Digital Security Services
The prominence of Cipher, a cybersecurity startup, at the top of the list, underscores the growing importance of IT services in Saudi Arabia.
As digital transformation accelerates and businesses increasingly rely on technology, the demand for robust cybersecurity solutions has skyrocketed, positioning companies like Cipher at the forefront of this critical sector.
The Rise of Convenience Apps
The top five startups on the list include several companies that cater to the growing demand for convenience and on-demand services.
MR MANDOOB, a delivery service provider; Mawidy, an appointment-booking app; and SHIFT Inc., a car rental and chauffeur booking platform, exemplify the surge in consumer demand for seamless and efficient solutions that simplify daily tasks.
E-commerce Platforms Expansion
The e-commerce sector has experienced significant growth in Saudi Arabia, and this trend is reflected in the presence of Rewaa and Soum on the list.
Rewaa, a platform offering integrated solutions for retailers, made its debut on the list this year. At the same time, Soum, an AI-powered retail marketplace, climbed two spots from its previous ranking, highlighting the increasing prominence of e-commerce platforms in the Kingdom.
Business Operations Platforms Gain Traction
The demand for comprehensive business solutions has surged as the Saudi economy diversifies and attracts more international companies.
LAWAZEM, a procurement platform, and Squadio, a talent solutions provider, have secured positions on the list, underscoring the growing need for innovative platforms that streamline business operations and enhance efficiency.
Redefining Saudi Startup Landscape
LinkedIn’s Top Startups list for Saudi Arabia in 2024 is more than just a ranking; it is a testament to the Kingdom’s burgeoning entrepreneurial spirit and the relentless pursuit of innovation.
From cybersecurity pioneers to e-commerce disruptors, these trailblazing startups are redefining industries and captivating the attention of investors, job seekers, and industry experts alike.
More Saudi Startup Developments
Rize’s Sharia Certification
Rize, a Saudi proptech company, has obtained Sharia Certification from the Shariyah Review Bureau for its groundbreaking rent payment system.
This certification validates Rize’s Rent Now, Pay Later model, enabling tenants to handle their rental payments through convenient monthly installments.
This approval aligns with Saudi Vision 2030’s objectives to make renting more affordable across the Kingdom.
Rize’s 2.9 Million Seed Funding Round
Rize, a Saudi Arabian PropTech startup, has secured $2.9 million in seed funding, backed by SEEDRA Ventures and several angel investors.
Established in 2021, the company focuses on making renting more affordable in Saudi Arabia by providing a rent now, pay later option.
Rize enables tenants to handle their rent through manageable monthly installments and strives to standardize this payment method for both residential and commercial leases throughout the country.
Barq’s IPO Listing
A new fintech startup in Saudi Arabia named Barq, headed by former STC Pay CEO Ahmed Alenazi, has been officially IPO listed.
Barq is a financial app that enables global money transfers to more than 200 countries. It offers both virtual and physical Visa cards with no annual or international fees.
The app also grants access to 25 airport lounges worldwide and provides discounts on hotels and resorts.
Within just three weeks, Barq has transferred $133 million and attracted over 1 million users after obtaining an e-wallet license from the Saudi Central Bank in January 2024.
Rasan’s IPO Listing
Rasan, the Saudi fintech firm behind the well-known online insurance platform Tameeni, is now listed on the Saudi Tadawul Stock Exchange.
The initial public offering (IPO) brought in over $224 million, boosting its market value to 3.65 billion SAR and exceeding expectations by 129 times.
Rasan is the second Saudi tech company to go public, following Jahez, the online delivery service that debuted in 2022.
Tamara’s Unicorn Valuation
Tamara, a fintech firm based in Saudi Arabia, has achieved unicorn status, becoming the first start-up company in the Kingdom to be valued at $1 billion.
Tamara is a Shariah-compliant company that serves over 10 million people in the GCC with its buy now pay later offers. The business intends to grow into banking and retail payment services.
Tabby’s Unicorn Valuation
Tabby, a buy now, pay later platform, has achieved unicorn status with a valuation of $1.5 billion, placing it among the top billion-dollar startups in the Middle East and North Africa.
The company has announced its intention to relocate its headquarters to Riyadh and plans to go public on the Saudi Tadawul stock exchange.
Keep Reading: Saudi Proptech Startup Rize Achieves Sharia Certification
