Through this partnership, the two entities will jointly launch the Sanabil 500 MENA Seed Accelerator program in Riyadh. Interestingly, the announcement closely follows the establishment of 500 Startups’ new MENA headquarters in the Saudi Capital city.
Sanabil 500 MENA Seed Accelerator will offer six different programs over a period of three years. It will select a handful of promising pre-seed and seed-stage startups from across MENA. All participating startups are expected to receive an investment of $100,000 from Sanabil 500 MENA Seed Accelerator Fund. Besides this, the program will also invest in other pre-seed and seed startups based in MENA.
If all goes as per plan, the new fund will invest in as many as 100 startups throughout the region.
“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,” said Bedy Yang, Managing Partner at 500 Startups, and General Partner of the Sanabil 500 MENA Seed Accelerator Fund.
The application process for the Sanabil 500 MENA Seed Accelerator program started on Feb 22 and will continue through Mach 7, 2021.