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Pre-seed investor Techstars to continue Riyadh startup program

The accelerator will work with entrepreneurs to scale and grow companies in MENA region

Pre-seed investor Techstars to continue Riyadh startup program
[Source photo: Venkat Reddy/Fast Company Middle East]

After completing the inaugural edition of The Riyadh Techstars Accelerator in 2022 with investments in 11 portfolio businesses from Saudi Arabia and the larger Middle East and North Africa area, the program’s administrators confirmed the continuation of the startup program this year.

In partnership with the Saudi Arabian Ministry of Communications and Information Technology, RAED Ventures, and Saudi National Bank, the pre-seed investor will organize the 13-week program, which will run from June through September 2023.

According to the press statement, the accelerator will work with entrepreneurs on establishing and expanding companies in the MENA region to develop the entrepreneurial ecosystem.

According to Abdullah Alswaha, minister of communications and information technology, Saudi Arabia’s IT business is currently worth more than $40 billion, supporting over 318,000 jobs.

“The nation is also making significant strides in enabling diversity in the workforce, with more women employed in the ICT industry. Agility and resilience, powered by talent and technology, have enabled Saudi Arabia to reach new heights,” Alswaha said. 

Startups from all over the Middle East and Saudi-based entrepreneurs can now submit applications to the Riyadh Techstars Accelerator. It offers funding and fundraising opportunities, workshops, mentors, and access to a network of partners to the participating companies.

“I am enthusiastic about the growth of the Saudi Arabian and broader Middle East startup ecosystem. Between the Kingdom’s investment in entrepreneurship and its central location, Riyadh can attract global startup talent for the entire region. Part of what we do at Techstars is to help founders connect their innovation with the rest of the world,” said Maëlle Gavet, CEO of Techstars.

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