Badir Accelerator will start financing start-up accelerator-phase technology companies in Saudi Arabia with amounts up to SAR500,000 ($133,000), from the Q1 of 2018, in exchange for equity.
Badir Accelerator also offers a range of advisory services that includes training, follow-up, guidance and workshops to develop the innovations into projects within 90 working days.
For the subsequent financing stages of growth, Badir will serve as a link platform between investors and entrepreneurs during regular meetings to help fill funding gaps.
The initiative, launched by Badir Program for Technology Incubators, one of the leading programmes of King Abdulaziz City for Science and Technology, aims to speed up the growth of Saudi start-ups for a positive impact on the national economy and create more job opportunities for Saudi youth.
Nawaf Al Sahhaf, CEO of Badir Program for Technology Incubators, said: “these meetings are part of Badir's efforts to enable entrepreneurs and investors to communicate effectively and build sustainable strategic partnerships in order to support and develop successful technology projects in the Kingdom.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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