JEDDAH: Ten startups were granted a funding pool of 1 million US dollars by TAQADAM, one of the longest-running accelerator programs in the Arab world. A ceremony was organized at the program’s annual accelerator showcase, and marked the 6th year of the enterprise initiated by King Abdullah University of Science and Technology in collaboration with the Saudi British Bank.
10 Startups Win $1 million cash prizes
As many as 150 startup teams have graduated so far from the program, raising over $58 million in funding. Graduates of the 6th cohort pitched their projects before a high-level panel of 24 regional and global investors, including Dalal Al-Mutlaq of Iliad Partners, Amal Dokhan of 500 Startups, and Ian Witkopp of Sino Global Capital.
Speaking at the ceremony, Chief Digital Officer of SABB Saeed Assiri said that this accelerator was an extension of the innovative steps adopted by SABB as per its strategy and belief in its social responsibility toward the society.
“TAQADAM represents an example of major steps in support of the KSA’s Vision 2030 and is a great illustration of the SABB’s drives to provide support the entrepreneurship, innovation, and SMEs sector, all of which are main tributaries of the sustainable development of the KSA’s economy.”
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The recent accelerator unit includes 47 startups and 132 founders from eleven nations that are pushing the field of science and technology. The startup received $100,000 funding to enhance their businesses and will also have the chance to join the KAUST Entrepreneurship Center’s program.
KAUST announced that the applications for the upcoming cohort of TAQADAM Accelerator is now open. The six-month program offers opportunities and chances for mentorship, non-dilutive funding up to $140,000 per startup, workshops, investors, partners, and access to an international network of startups. According to Arab News the founders can apply at taqadam.kaust.edu.sa.
