BeyondCapital has announced its Rapid Response Capital Program which aims to deploy an allocated amount of USD 500K into portfolio companies who are in need of immediate capital to overcome the current global crisis.
While founders are no strangers to changing market dynamics, the pandemic has put startups in unfamiliar territory, facing significant financial strains. The Rapid Response Program seeks to reduce the impact of uncertain times on portfolio companies and ensure they are given the opportunity for funding that feeds into their crisis management strategies.
As a support entity with 39 portfolio companies, BeyondCapital took proactive steps towards an immediate act to develop a seamless program. BeyondCapital leveraged USD 500K from among its programs to be injected into the Rapid Response Program and immediately deployed as fast working capital.
The 2-step selection process consisted of an initial application highlighting the companies’ need for the investment. BeyondCapital held a series of virtual meetings to assess and score start-ups against a specific criteria, including their commitment to overcoming the current situation through resilient and adaptive ways.
Today, 11 portfolio companies were selected to receive investments from the program's allocated amount of USD 500K. Additionally, a second round of applications from portfolio companies will be assessed.
'We are proud of the entrepreneurial spirit our portfolio companies have brought into this crisis. The team trusts their ability to turn the crisis into an opportunity and their critical role in the Jordanian community’, states Tamer Al-Salah BeyondCapital’s Managing Director.
The ongoing crisis has placed the Healthcare sector under a microscope unlike ever before. Learn all about the industry’s funding and investment trends in our 2019 MENA Healthcare Venture Investment Report.