The FII Institute, a new global non-profit foundation with an investment arm and one agenda—Impact on Humanity, signed a partnership with Beta Lab, a deep tech venture capital co-creation studio, at the Beta Lab’s launch event.
Together, the FII Institute and Beta Lab will co-create, support, and nurture impact-driven startups from around the world. The winners of Beta Lab’s startups program will also be announced at FII Institute’s flagship conference in Riyadh, FII 7, which is set to take place from 24 – 26 October 2023.
The deep tech market in Saudi Arabia was estimated to be worth $3.5 billion in 2020 and is expected to exceed $22 billion by 2030.
On that note, Beta Lab is expected to contribute more than $1 trillion to the global economy, and Saudi Arabia is expected to be the center of start-ups in the region by 2030. Beta Lab currently has start-ups in the USA, Ukraine, Japan and India.
FII Institute’s COO Rakan Tarabzoni said during the signing that in line with the Institute’s mantra of action and agenda of humanity– the Institute is looking forward to welcoming impact-driven startups from around the world.
“Our mission is to drive innovation and foster entrepreneurship to build a better future for all. FII Institute is interested in impact-driven start-ups, and through what we call “ACT”, we are able to be a Do Tank, not just a Think Tank,” he added.
The Institute’s ACT pillar finds companies that could potentially have a strong impact on humanity and provides the capital to fuel their growth. So far, the Institute has 7 innovative companies in its diversified and robust portfolio.
Beta Lab highlighted that their focus is on nurturing deep tech startups that have the potential to disrupt traditional industries and drive innovation in Saudi, MENA, and beyond.
Dr Abdulrahman AlOlayan, Managing Partner of Beta Lab, said in relation to the Institute’s partnership: “Beta Lab is very proud to partner with FII Institute to scale the impact of global deep tech startups. FII Institute will enable the startups through their vast network, experience, and investment knowledge. Together, we will cater to the needed resources for the startups”