Source: Disrupt Africa
Four Egyptian startups have been selected to take part in the Saudi Arabia-based accelerator programme run by 500 Startups in collaboration with Misk Innovation.
In all, 20 companies from across the Middle East and North Africa (MENA) region are taking part in the programme in Riyadh, which will conclude with a demo day in December.
They include tech startups from Egypt, namely construction marketplace El-Mawkaa, on demand beauty services app StyleNow, e-commerce startup In Your Shoe, food delivery startup Ordera, SaaS startup Funnell and jobs platform TechieMatter.
Managed by the 500 Startups global team of experts, the 14-week high intense growth techniques curriculum is structured to help pre-seed and seed-stage startups create successful companies and scale.
Aside from coaching and mentorship, they have all received US$50,000 in funding in exchange for seven per cent equity from the 500 Startups’ regional fund 500 Falcons.
“At 500 Startups, we are excited to host our flagship MiSK 500 Accelerator programme in partnership with Misk Innovation in Saudi Arabia for the second time. As the region’s largest economy, the kingdom is a strategic market for us and for the MENA region. It’s strong government support, its inherent market dynamics and its young population structure is a testament to the robust buildup of its rapidly growing entrepreneurial ecosystem,” said Sharif El-Badawi, managing partner of 500 Startups MENA.
“At 500 Startups our mission is to support the most talented entrepreneurs, help them create successful companies at scale and build thriving ecosystems. Our accelerator programme aims to empower regional startups by raising the level of training standards for young entrepreneurs in the region. On completion, we look forward to seeing our startups actively contribute to MENA’s burgeoning tech entrepreneurship ecosystem.”