UAE-based Axeed Labs Announces $272,000 Launchpad for Startups, SMEs
The applicants should have a B2B or B2C tech product
Axeed Labs, the UAE-based mobile application and software development firm, has launched its Dh1 million ($272,000) SME and Startup Tech Launchpad campaign.
The activation comes as a response to the global Covid-19 linked economic crisis and ahead of Ramadan 2020. This campaign creates an opportunity for UAE startups and SMEs to continue their technology development, with a Dh1 million credit line and enables Axeed Labs to support the business community, said a statement.
The SME sector represents more than 94 per cent of the total number of companies operating in the UAE and provides jobs for more than 86 per cent of the private sector's workforce. In Dubai alone, SMEs employ 42 per cent of the workforce and contribute around 40 per cent to Dubai's GDP. The UAE Government has an ambition to enhance the contribution and performance of the SME sector and Axeed Labs is taking this opportunity to follow suit, it said.
Chintan Sareen, CEO at Axeed Labs, said: “We are really excited to see who we can help in the tech space at a time when it’s truly needed. Axeed Labs has a track record of designing and developing state of the art mobile and web-based applications using the most novel technologies for industries including; last mile delivery, logistics, healthcare, pet care, e-commerce, fashion, vehicle leasing, facility management, payment wallets, food and beverage and grocery delivery, so we are very confident we can support any requirements that come in.
“We’ve all been startups at some point in time and this is usually where you find the hidden gems when it comes to ideas and evolution. We want to hear from as many startups and SME’s as possible and encourage all who feel they could benefit from development support, investment or big company ideas, to contact us and tell us what is needed,” Sareen said.
The campaign will take place entirely online, using Axeed Labs landing page: http://axeedlabs.com/sme2020/ . SMEs and start-ups can submit key points of information and successful applicants will be contacted to go to the next stage of the process.
The applicants should have a B2B or B2C tech product; the product requires imminent development or maintenance; and the company should have been in business for at least six months.
All applicants can apply for credit lines of up to Dh 1 million with flexible payment plans, allowing companies to remain mobile, versatile and move forward during these challenging times. In addition, Axeed Labs has opened its doors to investment opportunities, enabling tech start-ups to retain their pace of development.
Saudi Arabia saw a record amount of startup funding and deals in 2019 and continues to grow as one of MENA's thriving startup ecosystems. Find out more details on how it is getting there in our new 2019 Saudi Arabia Venture Investment Report.