Sharjah Entrepreneurship Center sets up $1M Equity-free Grant Pool to Support Startups During COVID-19 Crisis
This grant has been issued in place of Sheraa’s annual events.
The Sharjah Entrepreneurship Center (Sheraa), has pledged a $1 million dollar solidarity fund to help startups that are under strain due to the coronavirus pandemic. In honor of the #UbuntuLoveChallenge, a global initiative spearheaded by H.E Sheikha Bodour bint Sultan Al Qasimi and thought leader, Mamadou Kwidjim Toure, founder of the Africa 2.0 Foundation, the fund will aid startups ensuring they remain afloat, and tide over these uncertain times. The fund will be distributed through equity-free grants and commissioned projects.
Najla Al Midfa, CEO of Sheraa, said, “The $1M Solidarity Fund reflects Sheraa’s ongoing commitment to supporting our entrepreneurs, especially those struggling to cope with the challenges that COVID-19 imposes. We believe that the entrepreneurial community will play a critical role in the recovery of our society, and so these grants will be used not only to help our startups survive, but also to enable founders to develop solutions that will create a better future for our world.”
This grant has been issued in place of Sheraa’s annual events. With the safety, health and wellbeing of the community in mind, Sheraa’s annual events will not be taking place this year. Instead, all allocated resources are being used towards the solidarity fund. Grants will be awarded to entrepreneurs committed to creating real impact and building a future we, and the generations to come, deserve.
The #UbuntuLoveChallenge is a global movement where change-makers and experts from around the world are encouraged to share projects, initiatives and knowledge that makes a global positive impact, thus providing hope in the face of hardship. Millions of people from across the globe are seen collaborating and addressing current problems while offering solutions for the future on the platform.
COVID-19 further surpressed the number of deals in MENA-based startups in April but total funding increased by 202% as EMPG joined MENA's unicorn list by raising $150M from existing shareholders. Learn more details in MAGNiTT's April 2020 Dashboard