Riyadh – Sharikat Mubasher:  Saudi delivery startup Ninja closed a new funding round worth approximately $250 million from local investors, pushing its valuation to $1.5 billion and officially making it the Kingdom’s latest unicorn.

According to Bloomberg, this round was led by Riyad Capital, a major asset management firm and longtime backer of regional startups. The deal positions Ninja to go public by 2027, in line with earlier reports on its IPO ambitions.

Founded in 2022, Ninja offers ultra-fast delivery services for groceries, pet food, and other products across Saudi Arabia, Bahrain, Qatar, and Kuwait. The company now joins the ranks of Saudi unicorns such as fintech players Tabby and Tamara.

The announcement also reflects Saudi Arabia’s rising profile as a regional hub for venture capital, despite a global slowdown. Startups in the Kingdom raised nearly $400 million in Q1 2025, according to data from Magnitt.

Riyad Capital, which launched the Kingdom’s first VC fund—Riyad Taqnia Fund—in 2016, has previously invested in tech firms like Foodics and Unifonic. Ninja is also expected to join other Saudi tech companies preparing to list on Tadawul, including Tabby and Ejada Systems.