RIYADH, Saudi Arabia--(BUSINESS WIRE)--Multi-stage venture capital firm 500 Global and KSA-based Sanabil, a financial investment company [wholly owned by the Public Investment Fund (PIF)] announced the seventh batch of their Sanabil 500 MENA Seed Accelerator Program, aimed at helping up-and-coming companies scale up in the region.
The final selected companies are focused on developing solutions across a diverse range of sectors, including Fintech, Foodtech, SaaS, ML & Software, E-Commerce, AgTech, AdTech, and Proptech. The twelve companies were selected out of around 400 applicants. The applicants come from the Middle East & North Africa, with Saudi Arabia, UAE, and Egypt as the top three countries.
The Sanabil 500 MENA Seed Accelerator Program provides pre-seed and seed-stage startups across the Middle East and North Africa with the foundation they need to validate and scale their business regionally and globally. Seventy-seven companies have already graduated from the program.
“This batch represents the 7th edition of the Sanabil 500 MENA Seed Accelerator, and showcasing these startups at the upcoming demo day fills us with pride. Their maturity and the exciting, diverse opportunities they offer, coupled with the keen interest from numerous international investors looking to engage with the region, highlight the vibrant theme of this era in the region. We are privileged to be contributing significantly to the development of this ecosystem as a global platform is exhilarating,” stated Amal Dokhan, Managing Partner at 500 Global MENA.
“This is our seventh Sanabil 500 MENA Seed Accelerator Program and the competition is as intense as we have ever seen it. With around 400 applicants, this year’s 12 finalists represent come from a diverse range of sectors including, food and agritech and other solutions-based tech from their industry. We believe the program will help shape their entrepreneurial journey and we remain committed to supporting and guiding them as they validate their product and plot a path to profitability,” said a Sanabil spokesperson.
The 12-week program offers founders one-on-one mentorship with a focus on business strategy development, fundraising, and growth. It culminates on May 29, 2024, with Demo Day at the Four Seasons Hotel in Riyadh, in front of a live audience of key stakeholders, including venture community members, corporates, and industry professionals. The event will also be live-streamed to a general audience on YouTube.
The following is the list of Batch 7 companies that have made it through to the final round:
- Agile Loop (Saudi Arabia): A self-learning AI that listens to users, learns their tasks, and operates computers on their behalf.
- Comfi (UAE): Frees up cash flow for B2B suppliers by paying them upfront while offering flexible payment terms for their buyers
- Desert Farms (USA): A D2C baby formula that delivers the superfood benefits of Camel Milk.
- Doos (Saudi Arabia): A lifestyle app that delivers your daily needs and wants with premium experience in less than 30 minutes
- Fai (Saudi Arabia): An easy solution that automates tax management for SMEs and individuals, to ensure compliance.
- Metric (UAE): A financial analytics app that helps business owners make better decisions by organizing their scattered financial data into actionable insights.
- MLNetworks (Morocco): Helps Telcos to design, operate and optimize their networks more intelligently through an end-to-end data platform.
- Octa (UAE): A one-click automated invoice collection process helping B2B companies get paid on time.
- Poultry Sync (UAE): A genetics-to-table AI-powered platform to comply with safety regulations and boost profits for poultry producers.
- Reno (UAE): Digital platform enabling homeowners make dream homes a reality by simplifying and managing the whole renovation process.
- Sav (UAE): An inclusive platform helping consumers spend and save smarter through gamified personalized journeys.
- Sweply (Saudi Arabia): Makes it simple to create, manage, and analyze digital marketing campaigns on multiple platforms from one place.
With the seventh cohort of the program concluding in May, the program is already accepting applications for the next batch. We invite innovative startups to apply for our upcoming batch and join us in this exciting journey by clicking here.
About 500 Global
500 Global is a multi-stage venture capital firm with $2.4B in assets under management as of March 31 2024 that invests in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. We work closely with key stakeholders and advise governments on how best to support entrepreneurial ecosystems so startups can thrive. 500 Global has backed over 5,000 founders representing more than 2,900 companies operating in 80+ countries. We have invested in more than 35+ companies valued at over $1 billion and 160+ companies valued at over $100 million (including private, public, and exited companies). Our 200+ team members are located in over 30 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.
About Sanabil Investments
Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF). We commit more than USD 3 billion in capital per annum into global private investments that include VC/growth and small buyout assets. We are a dynamic, nimble, and highly experienced team of investment professionals. We provide partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies. For more information, please visit www.sanabil.com.
