Riyadh – Mubasher: 500 Startups (500), an active global early stage venture capital firm, has partnered with Sanabil Investments to launch the Sanabil 500 MENA Seed Accelerator Program in Riyadh.
The Sanabil 500 MENA Seed Accelerator Program will comprise six programmes run by 500 Startups over a period of three years for a select group of pre-seed and seed stage startups from across the MENA region, according to a press release on Monday.
Sanabil Investments is a financial investment company focused on global private investments in venture capital, growth, and small buyout.
Startups participating in the programme are expected to receive a $100,000 investment from the Sanabil 500 MENA Seed Accelerator Fund, a 500 Startups fund.
Moreover, the fund will also invest opportunistically in other pre-seed and seed stage startups throughout MENA. The fund is predicted to invest in around 100 startups.
Managing Partner at 500 Startups, and General Partner of the Sanabil 500 MENA Seed Accelerator Fund, Bedy Yang, said, “The region’s ecosystem has evolved significantly since 500 first started investing in the region nearly 10 years ago, and we will continue providing seed-stage founders with the best support possible.”
Based on internal valuations and information received but not verified, as of 31 December 2020, 500’s global investment portfolio currently has over 23 Unicorns, or investments valued at over $1 billion.