Silicon Valley based 500 Startups, a leading early-stage venture capital firm in Mena, has announced an investment of up to $150,000 to 12 regional startups each in funding in from its focused fund 500 Falcons.
 
The pre-Series A regional companies participating in the second edition of the Mena Dojo Series A Program in this batch include : Eyewa, online glasses and contact lenses retailer; GymNadz, fitness app for millennials; Keno, on-demand car wash app; La Reina, marketplace for renting dresses; Medihealth, at home doctor service app; Meltoo, second hand goods marketplace app; Mr Draper, personalized clothing stylists for men; MyU, education platform for parents, teachers and students; Nawah, scientific outsourced laboratory service; Plantshop, online nursery commerce;  SocialDice, HR platform for recruiters; and VBOUT, marketing technology platform.

As part of the program each new startup will also receive significant hands on mentorship and advice on growth.

Hasan Haider, partner, 500 Startups Mena said: “We are extremely proud to announce the second batch of amazing startups at the Series A stage from all across the Mena region. The selection for the program uniquely includes not only whether the startup is investible, but additionally whether our team of growth experts can significantly help the trajectory of the business.”

“At 500 Startups, the Series A Program is focused on building a base growth mindset and structure in each startup, in addition to providing one-on-one active growth mentorship and support. Our focus in the program is on growth metrics to set the startups up to raise stronger funding rounds at the next stage.

"In line with this strategy, our internal growth team of internationally renowned experts transfer knowledge and best practices around rapid growth and distribution during the one-on-one mentor sessions. The growth techniques help startups to fine-tune their product positioning and prioritise the next stage of development on their roadmap to scale their key metrics,” Haider added.

500 Startups Series A Program is a growth focused program that invests and trains startups all around the world. This year the program is being held in collaboration with Sirdab-labs in Kuwait. The first module of intense growth hacking sessions was held from April 1 to 12 and was handled by 500's internationally renowned growth mentors. The second session commenced April 29 and will run till May 9. This program will culminate with an exclusive Investors Day on May 10where the startups will pitch to an audience of investors from all across the region and the rest of the world.

The first 'Doha Dojo' program was held by 500 Startups in collaboration with the Qatar Science and Technology Park (QSTP) in May 2017. Nine companies participated in the program and were able to raise significant funding after Investor Day. To name a few, Souqalmal raised $10 million, Eventtus, $2 million and eat, $1.8 million.

With the first investment in the Mena region in 2012, 500 Startups has since committed to investments in over 80 startups across the region. With the launch of 500 Falcons, a Mena focused fund in 2017, 500 Startups plans to invest in approximately 100-150 companies over a 3 year period in addition to follow-on investments into the top performing companies. – TradeArabia News Service