The MENA venture capital ecosystem has experienced considerable activity as of late, as highlighted in a recent analysis by CB Insights. This in-depth study ranks the top 50 investors in the region, shedding light on their strategies, performance, and impact on emerging startups. By examining data from thousands of firms, the report identifies those (potentially) best positioned to drive innovation and economic growth in a fast-evolving market.
At the core of the evaluation is a sophisticated methodology that leverages predictive analytics to forecast future advancements.
The team at CB Insights reviewed more than 1,300 active investors who participated in equity funding rounds over the past year.
Rankings are based on investment activity spanning the first quarter of 2023 through the end of 2025, with a requirement of at least five deals per firm to qualify.
The scoring system weighs the number of transactions alongside the success rate of portfolio companies funded since 2018, particularly those that have secured exits like acquisitions or public offerings.
Notably, the assessment excludes government-backed funds, accelerators, and incubators to focus purely on private venture players.
One of the standout revelations is the dominance of Aramco Ventures and its related entities, which claim the top three spots.
Aramco Ventures itself leads the pack, having executed 100 startup investments since early 2023 up to the close of 2025.
Its affiliates, Prosperity7 Ventures and WAED Ventures, follow closely, with portfolios featuring high-profile companies in areas like artificial intelligence and retail tech.
For instance, Prosperity7 has backed ventures in voice AI and cloud computing, while WAED emphasizes Saudi-based innovations in customer analytics and e-commerce solutions.
Geographically, the United Arab Emirates emerges as a powerhouse, hosting nearly half of the top-ranked investors.
Firms like Kube VC and Wamda Capital rank fifth and sixth, respectively, underscoring the UAE’s role as a hub for venture activity.
Saudi Arabia isn’t far behind, with 12 entrants on the list, many aligned with the kingdom’s Vision 2030 initiative to diversify beyond oil.
Riyadh’s STV stands out for the exceptional quality of its investments, boasting an average Mosaic score—a proprietary metric of company health—of 742 out of 1,000 for recent deals.
This is higher than any peer, with successes including a buy-now-pay-later service that has integrated with major payment platforms and a point-of-sale provider handling billions in transactions annually.
Turkey rounds out the top three countries with 11 investors, reflecting a broader regional spread.
In terms of exits, Aramco Ventures excels again, with 14 portfolio companies achieving liquidity events since 2018, such as cybersecurity firms acquired by global players and resource analytics startups gaining majority stakes from industry leaders.
Broader trends point to a competitive environment where differentiation is key.
With over 1,300 players vying for deals, top firms are honing in on promising sectors like manufacturing, AI, and healthcare to maximize returns.
This focus not only builds resilient portfolios but also supports regional goals for technological advancement and economic diversification.
Overall, the report paints a picture of a maturing MENA ecosystem, where data-driven insights and strategic investments are propelling growth. As the region continues to attract global attention, these investors are poised to shape the next wave of tech advancements and related breakthroughs.
