Saudi Crown Prince Mohammed bin Salman’s non-profit Misk Foundation is offering 15 tech MENA start-ups the chance to participate in the Misk Growth Accelerator program and receive $100,000-$1 million of investment each.
The non-profit foundation was established in 2011 to empower Saudi youth to become more active in their region’s future economy.
The three-month accelerator program in partnership with incubator Seedstars and venture capitalist firm Vision Ventures is targeting start-ups looking to scale. Taking place from September to December 2019, with three on-site bootcamps and a demo-day in Riyadh, the program allows start-ups to benefit from in-house and external growth experts.
Seedstars and Vision Ventures will co-invest $100,000 in the participating start-ups and consider follow-on investments of up to $1 million.
Kais Al-Essa, Founding Partner and CEO 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 program gives start-ups two great institutions on their capitalization table, access to the strong local/regional network, and knowledge of Vision Ventures, in addition to the global Seedstars platform.”
Charlie Graham-Brown, CIO of Seedstars said, “Start-ups 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 program.”
Participants will also be coached on topics including talent management, leadership and fundraising strategy.
Applications are now open and will be accepted until the 21st July. To enroll in the program, tech start-ups should have raised funds between $250,000 and $1,000,000, have over $10,000 in monthly recurring revenue and have product/market fit.
Misk Innovation supports early stage start-ups through initiatives ranging from events to bootcamps and acceleration programs.
“We now see a need to help start-ups make the jump to become ready for Series A round. We believe that the combined program of investment and the know-how can make a real difference,” said Osama Alraee, Entrepreneurship Growth Director at Misk Foundation.
“This is all part of how we support Misk’s wider mission of empowering youth to become the architects, not tenants, of the future economy, by unleashing their huge entrepreneurial potential.”For all the latest tech 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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