It seems that almost every other week there is a new fund being formed to boost the startup ecosystem. This time it is the innovation arm of the Misk Foundation, Misk Innovation accelerator that has launched in partnership with Seedstars and Khobar-based Vision Ventures. It will be investing $100,000 in each selected startup.
The selected startups also have a chance to get up to $1 million in follow-on by the accelerator’s partners.
The accelerator is looking for startups that have gained a little bit of traction and shown product-market fit, with over $10,000 in monthly recurring revenue. They also need to have previously raised between $250,000 and $1,000,000.
According to their website, the three-month programme will feature three on-site bootcamps in Riyadh, virtual webinars and one-to-one mentor meetings, starting in September with a five-day bootcamp.