Sanabil Investments, wholly-owned by the Public Investment Fund (PIF), partnered with 500 Startups to launch Sanabil 500 MENA Seed Accelerator Program in Riyadh, the Kingdom’s sovereign wealth fund said on its Twitter account.
This program will boost entrepreneurship and will further help startups expand operations locally and regionally, in line with Saudi Arabia’s Vision 2030.
The Sanabil 500 MENA Seed Accelerator Program will consist of six programs run by 500 startups over a period of three years for a select group of pre-seed and seed stage startups from across the Middle East and North Africa (MENA) region.
Startups participating in the program are expected to receive a $100,000 investment from the Sanabil 500 MENA Seed Accelerator Fund, a 500 Startups fund. In addition to investing in program participants, the fund will also invest opportunistically in other pre-seed and seed stage startups throughout MENA. The fund is expected to invest in approximately 100 startups.
Sanabil Investments was incepted in 2008, as a closed joint-stock company, with a paid up capital of SAR 20 billion.
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