500 Startups partners with Sanabil to launch Seed Accelerator in Riyadh
500 Startups has partnered with Sanabil Investments to launch the Sanabil 500 MENA Seed Accelerator Program in Riyadh. This follows the recent announcement of the establishment of 500 Startups’ new MENA regional headquarters in Riyadh.
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 MENA region. Applications for the first batch of the Sanabil 500 MENA Seed Accelerator kicked off in February 2021. 500 Startups will select startups from Saudi Arabia and the wider MENA region, and its global network of expert mentors will deliver the program to help them scale and build regional and global connections.
Startups participating in the program are expected to receive a USD$100,000 investment from the Sanabil 500 MENA Seed Accelerator 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.
Commenting on the launch, Bedy Yang, Managing Partner at 500 Startups, and General Partner of the Sanabil 500 MENA Seed Accelerator Fund, said “We are thrilled to back the very best startups in MENA through the Fund and program. 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.”
Founders will participate in a 12-week program which begins with a two-week session on Foundations of Growth--a deep-dive into the fundamentals of business expansion, followed by seven weeks of guided coaching and an additional three weeks of classes on fundraising and pitch prep. They will have access to investor office hours throughout the program, which culminates in Demo Day one week after its conclusion.