500 Startups (500), has partnered with Sanabil Investments, a financial investment company focused on global private investments in venture capital, growth and small buyout, to launch the Sanabil 500 MENA Seed Accelerator Program in Riyadh.
The Sanabil 500 MENA Seed Accelerator Program will consist of six programs 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 program are expected to receive a USD$100,000 investment from the Sanabil 500 MENA Seed Accelerator Fund, a 500 Startups fund. In addition to investing in program 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 program. 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.”
In a statement, Sanabil said “We are excited to partner with 500 Startups to launch the accelerator program. The program will help fund and support founders in Saudi Arabia and regionally to accelerate their growth and create the champions of tomorrow.”
Applications for the first batch of the Sanabil 500 MENA Seed Accelerator kick off today. Interested startups can apply here: https://ecosystems.500.co/sanabil500accelerator. Deadline is March 7, 2021.