Beirut-based Speed accelerator raises an investment to further support startup in Lebanon
By Startup MGZN
SOURCE: Startup MGZN - Beirut-based Speed accelerator raises an investment to further support startup in Lebanon
Beirut-based tech accelerator Speed has just raised new funding from the Central Bank of Lebanon, which they’ll be using to run its acceleration cycles for the next 3 years.
The funding round was led by the Central Bank of Lebanon through Blom Bank, Bank Audi, and Speed’s new shareholders BankMed, who’s invested Circular 331 funds into the accelerator for the next 3 years.
Speed was launched in 2015 by investment funds and entrepreneurship support organizations including Middle East Venture Partners (MEVP), Berytech Fund II (BFII), IM Capital, Lebanon for Entrepreneurs (LFE), and Bader.
Sami Abou Saab, Speed’s CEO commented on the new funding saying: “With this new round of funding, we took the opportunity to update the accelerator’s brand identity, revamp our working space in BDD, and improve our startup offering by providing the founders with the same high-quality acceleration program and financial support in exchange for only 5% equity in common shares, a better value for money than ever before.”