Venture capital (VC) plays a vital role in the success of high-growth and innovative companies. This study aims to explore the VC market in Saudi Arabia by taking a process perspective. Using an inductive case study approach, the research conducted a qualitative study to understand how Saudi Arabia’s VC market operates and has evolved over time. The study identifies two phases of VC market development in Saudi Arabia: pre-emergence and birth. It also highlights the events, initiatives, and resources that have influenced the market’s development. The findings have implications for governments, investors, and entrepreneurs, providing guidance for policy initiatives and offering a measure of the long-term health of the country’s VC market.