King Abdul Aziz City for Science and Technology allocates SR500m in startup funds for tech companies

Author: 
Mohammed Rasooldeen
Tue, 2017-10-31 19:08
ID: 
1509491193873945200

RIYADH: Technology companies throughout the Kingdom will get startup funds up to SR500 million ($133.3 million) from the King Abdul Aziz City for Science and Technology (KACST) during the first quarter of next year.
The initiative, launched by the Badir Program for Technology Incubators, one of KACST’s leading programs, aims to trigger the growth of Saudi startups for a positive impact on the national economy, increase productivity and create more job opportunities for Saudi youths.
According to a statement from Badir to Arab News, funding will be concentrated on the acceleration phase of these companies in exchange for a share in their capital.
The Badir accelerator also offers a wide range of advisory services such as training, follow-up and workshops, accompanied by continuous guidance, in order to develop the entrepreneurial innovations and translate them into existing projects within 90 working days.
According to a report in Magnet, specialized in linking startup entrepreneurs with strategic investors in the Gulf region and the Middle East, the volume of financing deals for startup technology companies announced in Saudi Arabia during the first nine months of this year increased by about 10 percent compared to the same period last year.
Among the startup Saudi companies incubated by the Badir program during the past three months, company graduates Foodics Company recorded $4 million in investments, Matic $3 million, and Smart Control $1.6 million, led by Saudi finance companies and supported by Gulf and regional investment groups.
In an earlier statement, Nawaf Al-Sahhaf, the CEO of the Badir program, said: “There is a need for active investments in the early stages of the life of startup companies; thus Badir accelerator is especially aiming at investing in startup technology companies, financing them in the early stages of incorporation, and supporting them with advisory services and required innovative thoughts, as well as close and direct cooperation with them through their incubation after the stage of acceleration to enhance the value of these companies.”

Main category: 
Shares