500 Startups, one of the most active global early stage venture capital firms, has partnered with Sanabil Investments, a financial investment company, growth and small buyout, to launch the Sanabil 500 Mena Seed Accelerator Programme in Riyadh.
This follows the recent announcement of the establishment of 500 Startups’ new Mena regional headquarters in Riyadh.
The Sanabil 500 Mena Seed Accelerator Programme will consist of six programmes run by 500 Startups over a period of three years for a select group of pre-seed and seed stage startups from across the Mena region.
Startups participating in the programme are expected to receive a $100,000 investment from the Sanabil 500 Mena Seed Accelerator Fund, a 500 Startups fund. In addition to investing in programme participants, the fund will also invest opportunistically in other pre-seed and seed stage startups throughout Mena. The fund is expected to invest in approximately 100 startups.
Commenting on the launch, Bedy Yang, Managing Partner at 500 Startups, and General Partner of the Sanabil 500 Mena Seed Accelerator Fund, said “We are thrilled to back the very best startups in Mena through the Sanabil 500 Mena Seed Accelerator Fund and programme. The region’s ecosystem has evolved significantly since 500 first started investing in the region nearly 10 years ago, and we will continue providing seed-stage founders with the best support possible.”
Having run more than 50 accelerator programmes in Silicon Valley and globally, and invested in over 2,500 companies worldwide, including more than 180 companies in Mena, 500 brings world-class expertise.
Based on internal valuations and information received (but not verified), as of December 31, 2020, 500’s global investment portfolio now has more than 23 Unicorns, or investments valued at over $1 billion.
“We are excited to partner with 500 Startups to launch the accelerator programme. The programme will help fund and support founders in Saudi Arabia and regionally to accelerate their growth and create the champions of tomorrow,” said a Sanabil Investments representative.
Applications for the first batch of the Sanabil 500 Mena Seed Accelerator kicked off on February 22. 500 will select startups from Saudi Arabia and the wider Mena region, and its global network of expert mentors will deliver the programme to help them scale and build regional and global connections.
Founders will participate in a 12-week programme which begins with a two-week session on Foundations of Growth--a deep-dive into the fundamentals of business expansion, followed by seven weeks of guided coaching and an additional three weeks of classes on fundraising and pitch prep. They will have access to investor office hours throughout the programme, which culminates in Demo Day one week after its conclusion. -- Tradearabia News Service