RIYADH: Sanabil Investments, wholly owned by the Public Investment Fund, and 500 Global, a leading global venture capital firm on Sunday unveiled 11 startups in the second batch of the Sanabil 500 MENA Seed Accelerator Program 2021.
Female founders lead a third of the batch, signaling 500 Global’s commitment to continue supporting diversity. The 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.
Selected out of 500 applicants, the finalists are working in a diverse range of sectors, including fintech, ecommerce, NFT, health tech, and real estate tech.
“The Sanabil 500 MENA Seed Accelerator aims to create a resilient, integrated, and sustainable entrepreneurial ecosystem that attracts young companies from around the region and contributes to its growth. We’re excited to support such talented founders as they embark on a promising journey,” said Bedy Yang, managing partner at 500 Global.
More than 60 percent have their main operations in Saudi Arabia or have a founder of Saudi origin, while startups without headquarters in the country have indicated their intent to establish operations in Saudi Arabia within the next three years.
“Our 11 finalists reflect the evolving breadth and depth of today’s entrepreneurial ambitions and where founders believe their products and services could soon make a difference in our everyday lives,” said a Sanabil spokesperson.
The 12-week program, which concluded in Riyadh with Demo Day, offered founders dedicated mentorship with a focus on business strategy development, fundraising, and growth.
Following is the list of the batch 2 startups:
Bringy: Enables customers to purchase and claim insurance online with a few simple clicks.
Nuqtah: NFT marketplace for creatives in Saudi Arabia.
Ameen: Licensed therapist in the comfort of your home.
Jingle Pay: Digital banking app that simplifies expats' everyday financial needs.
Below: Direct-to-consumer focused on below-the-waist hygiene products for men in MENA.
Playbook: Edutainment platform and professional network that accelerates career progression for women.
Nitros: Multicarrier shipping software empowering online merchants to automate their shipping operations.
Letswork: A marketplace and digital membership that connects users to on-demand workspaces, private offices and meeting rooms.
Juleb: SaaS for pharmacies that helps increase their sales and guarantees compliance through an enterprise resource planning system that streamlines point of sale processes.
TeamUp: Event management app for organizing and sharing sports competitions.
Twinn Health: Enables early disease detection using imaging and AI tools to extend a healthy human lifespan.
