Multi-stage venture capital firm 500 Global and KSA-based financial investment company Sanabil announced the sixth batch of their MENA Seed Accelerator Program, aimed at helping up-and-coming companies scale up in the region.
The final selected companies are focused on developing solutions across a diverse range of sectors, including Fintech, Foodtech, SaaS, Proptech, E-Commerce, and Legaltech. The nine companies, from Saudi Arabia and the UAE, were selected out of more than 700 applicants from MENA – making it one of the most competitive batches since the program’s inception.
The Sanabil 500 MENA Seed Accelerator Program provides pre-seed and seed-stage startups across the Middle East and North Africa with the foundation they need to validate and scale their business regionally and globally. Sixty-eight companies have already graduated from the program.
500 Global has been investing in companies in the Middle East since 2012 and has played a role in building the local startup ecosystem investing in 250+ companies to date with 13+ companies valued at over $100M in the 500 Global portfolio from MENA. Since 2021, the Sanabil 500 Seed Accelerator program has accelerated 68 startups throughout 5 batches and as of Q3 2023 YTD has been recognized by MAGNiTT as the most active international investor by number of deals as of Q3 2023 YTD.
“We are thrilled to play our part in the Saudi and MENA startup ecosystem. With ongoing economic development initiatives, governmental support and the tenacity and ingenuity of our founders, we continue to believe in the long-term potential of the region. We have been closely working with Batch 6 founders since March 2023 to help them pave their way to success. They join the 68 companies that have already graduated from the Sanabil 500 MENA Seed Accelerator Program since our launch back in early 2021 bringing the total number of accelerated startups to 77,” said Amal Dokhan, General Partner at 500 Global MENA.
“We continue to see growing interest in the Sanabil 500 MENA Seed Accelerator Program as a new generation of entrepreneurs look to develop their ideas and scale their businesses for success here and abroad. We’re attracting and enabling the brightest minds and best technologies that are improving the lives of people around the world, fortifying the economy, and making the world a better place for all. We can’t wait to show the region and the world this next wave of innovators, thinkers, and builders,” said a spokesperson from Sanabil.
The 12-week program offers founders one-on-one mentorship with a focus on business strategy development, fundraising, and growth. It culminates on December 5, 2023, with Demo Day at Alwaseel Gem in Riyadh, in front of a live audience of key stakeholders, including members of the venture capital ecosystem, corporates and industry professionals. The event will also be live-streamed to a general audience on YouTube.
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