Ninja Becomes Saudi Arabia’s Newest Unicorn After Raising USD 250 Million

Saudi Arabia-based quick delivery company Ninja has officially achieved unicorn status after securing approximately USD 250 million in a funding round led by Riyad Capital, according to individuals familiar with the matter. The round values the three-year-old company at around USD 1.5 billion, making it one of the few tech unicorns in the Kingdom. Founded in 2022, Ninja offers ultra-fast delivery services across Saudi Arabia, Bahrain, Qatar, and Kuwait, covering everything from groceries to pet supplies. The company is preparing for an initial public offering (IPO) by 2027, according to prior reporting by Bloomberg. Although both Ninja and Riyad Capital declined to comment, the raise is seen as a testament to Saudi Arabia’s emergence as a regional hub for venture capital, even as global markets face a slowdown. In Q1 2025 alone, Saudi startups attracted nearly USD 400 million, according to data from Magnitt. Ninja joins a growing list of billion-dollar tech startups in the region, including fintech leaders Tabby and Tamara. The Saudi government continues to prioritize technology and innovation as part of its broader Vision 2030 agenda, aiming to diversify the economy beyond oil. The lead investor, Riyad Capital, is a veteran player in the Middle East’s VC ecosystem, with a portfolio that includes Foodics and Unifonic. The firm launched the Riyad Taqnia Fund in 2016, one of the first venture capital funds in the country. This funding round further positions Ninja as a critical player in the evolving landscape of logistics and e-commerce in the Gulf, with eyes now firmly set on public markets.