US venture fund launches accelerator program in Saudi: report
A new accelerator program co-launched by United States-based venture fund 500 Startups is set to offer $50,000 in exchange for seven percent equity shares in each of 21 Arab startups selected to join a 16-week accelerator course in Saudi Arabia, Hasan Haider, partner in 500 Startups, told Zawya.
“The founders can be from any nationality but the start-ups have to be in the MENA region, the Arab countries. We picked the companies and we launched the program,” he said, adding details about the participating companies will be released at a later date.
The program, which will be based in Saudi Arabia, will end with a demo day from companies in May.
500 Startups’ new four-month accelerator program is being carried out in collaboration with Saudi’s Misk Foundation.