US-based 500 Startups, a venture capital firm, and Saudi Arabia’s Misk Innovation, a non-profit foundation, have launched the second edition of its accelerator programme for the Middle East and North Africa (Mena) region.
The programme is a 14-week course which will focus on bringing growth hacking techniques and provide Silicon Valley expertise to emerging companies in the region, said a statement from the organisation.
500 Startups is well-known for its global accelerator programmes, having held similar programmes in Japan, Russia and Uruguay.
500’s mission is to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems.
Building on the success of the highly sought-after Misk 500 Accelerator Program Batch 1, the organisations are excited to continue working with startups from the region, it said.
The goal of the programme is to empower local and regional startups by raising the level of training standards for young entrepreneurs in Mena.
500 Startups regional fund, 500 Falcons, will invest $50,000 into each participating startup in exchange for 7 per cent equity, said the statement.
500 Startups, together with Misk Innovation, will be searching for founders who are building technologies and products to impact B2B, B2C, e-commerce, FinTech, EdTech, HealthTech, IoT, robotics, artificial intelligence, SaaS and messaging services.
Batch 2 of the Misk 500 Accelerator will ultimately select 15-20 technology startups from across the Mena region to participate in the programme.
Startups selected are expected to have a working product and demonstrable initial traction. Those who are accepted will be given the opportunity to meet with some of Mena’s leading corporations and investors throughout the programme and during Demo Day, where each startup will pitch their product or service to the audience, it said.
The deadline for sending the applications is July 26, it added.-TradeArabia News Service