The program is now accepting applications and will help drive more innovation and entrepreneurship in the growing Middle East startup ecosystem.
Boulder, Colorado, January 25, 2023–(BUSINESS WIRE)–Techstars, one of the world’s largest pre-seed investors, collaborates with the Kingdom of Saudi Arabia’s Ministry of Communications and Information Technology (MCIT), RAED Ventures, and the Saudi National Bank (SNB) doing. ) today announced a new partnership to continue the Riyadh Techstars Accelerator. As part of Saudi Arabia’s new entrepreneurial ecosystem, the accelerator will work with start-ups and their founders to build and grow their businesses in the Middle East and North Africa. The continuation of this program highlights his Techstars commitment to making innovation and entrepreneurship more accessible and inclusive wherever entrepreneurs operate around the world.
The Riyadh Techstars Accelerator is now accepting applications and is focused on attracting both Saudi-based entrepreneurs and start-ups from across the Middle East to pave the way for future innovation in the region’s digital economy. . Vijay Tirathrai completed his first program in February 2022. He is Managing His Director of Techstars Riyadh and his 11 including API-based his e-his commerce his enabler Torod of portfolio companies.
Faisal Al Makras, CEO and co-founder of Torod, said: , you can do more, faster. Since then, his company has hired 16 of his people, brought new products to market, has annual revenue projections of his $1 million, and in seed funding he has raised $1.5 million. All of this happened less than a year after he completed the Techstars program.
“I am very enthusiastic about growing the startup ecosystem in Saudi Arabia and the wider Middle East. Between investing in the Kingdom’s entrepreneurial spirit and its central location, Riyadh is a global player across the region. Attracting the best startup talent is part of what we do at Techstars, said Maëlle Gavet, CEO of Techstars.
“An entrepreneurial spirit based on technology and innovation is essential to achieving Vision 2030, a roadmap for social change and economic diversification to guide our country. 70% of the population is under the age of 20. These people are digital natives and we want to harness their enthusiasm and curiosity to innovate faster,” said Digital Entrepreneur, Ministry of Communications and Information Technology (MCIT), Kingdom of Saudi Arabia. said Abdullah Alshamrani, General Manager of the Center.
The Riyadh Techstars Accelerator is a 13-week program running from June to September 2023. Each company accepted into the program will benefit from Techstars’ proven model of providing funding and fundraising opportunities, workshops, curated resources, mentors and access. To an unrivaled network of partners, investors and alumni. The program also benefits from deep connections with leadership and mentors from MCIT, SNB and RAED Ventures. Once the program is complete, the portfolio will give him lifetime access to his Techstars global network of over 3,300 other startups.
Saeed Mohamed Al-Ghamdi, Managing Director and Group CEO of the Saudi National Bank, said of the announcement: Contribute to the development of the country’s economy and advance development in line with the goals of the Kingdom’s Vision 2030. For this reason, the World Bank has launched a number of business accelerators to support innovation, facilitate business start-ups and develop capacity in the process of creating jobs. The partnership aligns with the objectives of his SNB’s corporate social responsibility program to support entrepreneurs in the tech sector. ”
“Since the launch of RAED Ventures, we have been working with our partners to build a tech ecosystem. We are excited to continue, excited by the rapid growth of some of the promising startups in our first group, and look forward to the next cohort of this exceptional program,” said Founding Partner at RAED Ventures. One Talal Alasmarim said:
“Saudi Arabia’s tech market has grown significantly over the last few years and is now worth over $40 billion with over 318,000 jobs in the sector. agility and resilience driven by talent and technology have allowed Saudi Arabia to reach new heights Minister of Communications and Information Technology of the Kingdom of Abdullah Al-Swaha. “Together, the Ministry and Techstars will expand our combined impact of resources and capabilities to truly accelerate digital entrepreneurship across the Kingdom. We already have a vibrant venture capital investment community growing, We are witnessing rapid technology adoption, a method of digital transformation, enabling companies to rethink themselves to be more competitive.”
Startups interested in the accelerator are encouraged to apply by visiting the Riyadh Techstars Accelerator page or expressing interest here.
Techstars’ global network helps entrepreneurs succeed. Founded in 2006, Techstars started with three simple ideas. Entrepreneurs create a better future for all, collaboration drives innovation, and great ideas can come from anywhere. Today, we are on a mission to enable everyone on the planet to contribute to and benefit from entrepreneurial success. In addition to running accelerator programs and venture capital funds, we connect startups, investors, businesses and cities to help build thriving startup communities. Through the accelerator, Techstars has invested in more than 3,300 companies with a combined market capitalization over her $96 billion. www.techstars.com
MCIT is responsible for building a robust, state-of-the-art digital architecture. This will accelerate digital transformation and support the direction of Saudi Vision 2030, which aims to promote the role of the information and communications technology sector in building a digital society. A government, a thriving digital economy and an innovative future for the Kingdom.
About Raid Ventures
RAED Ventures is an early stage venture capital firm that partners with great founders to build transformative companies in MENA. Since its founding in 2016, RAED has invested in over 40 companies including Tabby, Lean, Sary, Mozn, Mrsool, Salla, Foodics and Unifonic. RAED is headquartered in Riyadh and is backed by major regional and international investors.
The Saudi National Bank (SNB) is Saudi Arabia’s largest financial institution and one of the largest power plants in the region. SNB plays a key role in supporting Saudi Arabia’s economic transformation by transforming the local banking sector and facilitating the realization of Saudi Arabia’s Vision 2030. That strategy is closely aligned with the Vision program. SNB also leverages its position as the Kingdom’s largest institutional and professional investor to support landmark deals and mega-projects in the Kingdom. SNB’s vision is to become the best local and regional financial and banking service provider by achieving its strategic objectives. #1 in revenue, #1 in profit, #1 in customer service, #1 in digital banking, and to be chosen as an employer. , and the world’s premier Shariah compliant product service provider. The SNB pays a great deal of attention to entrepreneurs, and the creation of the program is focused on attracting, accepting, funding, building projects and building the skills, expertise and resources necessary to establish sustainability. It aims to nurture, train and support entrepreneurs with unique ideas in Saudi Arabia by providing resources and resources. , a prosperous and influential enterprise. For more information, please visit https://www.alahli.com/.
View source version at businesswire.com: https://www.businesswire.com/news/home/20230124006083/en/