Badir incubated biotechnology startups raise close to $10M in 2018
Incubators and accelerators rely on their startups to do well in order to benefit financially. When an accelerator takes in a cohort of startups for acceleration and provides them with investment in exchange for shares in the startup, they expect that these startups grow quickly and provide them with a hefty return. In exchange, these incubators and accelerators provide guidance, training and mentoring for their chosen startups.
In the Middle East, it is often difficult to determine the success of these accelerators and incubators, as they are quite new and information is scarce. Follow-on funding is not always reported, and even if it is, the funding amount might not be disclosed.
Recently, however, the Badir Biotechnology Incubator, which is active in Saudi Arabia and is set up by King Abdul Aziz City for Science and Technology (KACST), announced that its biotechnology startups had successfully raised close to SR38 million ($10.133 million) in new funding last year.
According to the incubator, 90% of that funding was provided by venture capital firms, whereas the remaining 10% came from a variety of sources. Read more about Badir’s startups and their follow-on funding here.