Saudi Arabia’s Misk Foundation is set to launch a growth accelerator programme for Middle East and North Africa’s (Mena) tech startups in partnership with Switzerland-based Seedstars and Vision Ventures, a leading venture capital firm.
Misk Foundation, established by Saudi Arabia's Crown Prince Mohammed bin Salman, is a non-profit foundation devoted to cultivate and encourage learning and leadership in youth for a better future in Saudi Arabia.
The Growth Accelerator is being targeted at startups with product/market fit that are looking to scale, said a statement from the foundation.
The programme will take place from September to December, and the last date for eligible start-ups to submit their applications is July 21.
With three on-site bootcamps and a demo-day in Riyadh, Saudi Arabia, the hybrid (virtual/on-site) programme permits startups to stay close to their customers while benefiting from constant coaching from in-house and external growth experts.
Seedstars, a pre-eminent emerging market startup community, and Vision Ventures will co-invest $100,000 in the participating startups and consider follow-on investments of up to $1 million, it added.
Kais Al Essa, founding partner and chief executive officer of Vision Ventures, said: “Being entrepreneurs ourselves, we know how founders suffer in their journey towards success.”
“Our role is to try to add lighting and directions to the roads ahead of them. The co-investment model in this programme gives startups two great institutions on their capitalisation table, access to the strong local/regional network, and knowledge of Vision Ventures, in addition to the global Seedstars platform,” he said.
The focus of the Growth Program is on helping startups with product/market fit to implement a process to deliver consistent high growth.
Charlie Graham-Brown, chief information officer, Seedstars, said: “Startups often have a misconception that growth comes from hacks, while in fact, it’s a process.”
“Growth is a culture, a mindset and a methodology that needs to be implemented and that’s the main goal of the programme,” he said.
The Growth Accelerator aims to build on the essential work of a startup ecosystem enablers across the Mena region, who have developed a healthy startup community and early-stage deal flow.
To enrol in the programme, startups should meet the following criteria: They should be from any sector in the Mena region; must have raised funds between $250,000 and $1,000,000; and have over $10,000 in monthly recurring revenue; and also a product/market fit.
The programme participants will also receive coaching on other key topics such as talent management, leadership, and fundraising strategy.
Osama Alraee, entrepreneurship growth director at Misk Foundation, said: “Misk Innovation has been supporting early-stage startups through various initiatives such as events, bootcamps and acceleration programmes.”
“We now see a need to help startups make the jump to become ready for Series A round. We believe that the combined programme of investment and the know-how can make a real difference,” he said.
“This is all part of how we support our wider mission of empowering youth to become the architects, not tenants, of the future economy, by unleashing their huge entrepreneurial potential,” he added. – TradeArabia News Service
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