Badir-incubated biotech startups raise $10 mln in 2018

The Saudi biotech startups, incubated by BADIR Biotechnology Incubator under the Badir Program, has successfully raised close to SAR38 million in new funding in 2018.

The funding deals were led by venture capital firms, individual investors’ networks and other governmental institutions, said a statement.

Self-financing accounted for approximately 2.7 percent of the total amount of investment with financing reaching about SAR1 million.

The share of individual investment in these projects touched SAR2 million, equivalent to 5.3 percent of the total investment while venture capital companies invested SAR35 million, which is equal to 90 percent of the total amount of financing and investment into biotech startups.

BADIR Biotechnology incubator works to encourage and support the establishment and development of the biotechnology business sector, through assisting the commercialization of research projects as well as private sector biotechnology innovative products and services.

“The Biotech Incubator has received over 500 applications since its establishment, and it is currently incubating about 30 technical projects, all of which achieved sales of SAR 3.6 million and created more than 136 job opportunities to Saudi young people,” Nawaf Al Sahhaf, CEO of Badir Program for Technology Incubators and Accelerators, said.

“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,” he added.