Sanabil Investments, a subsidiary of Saudi Arabia's Public Investment Fund (PIF), announced on Wednesday the launch of the Sanabil Accelerator by Orbit, aimed at nurturing early-stage startups in North Africa and the MENA region.Â
This initiative marks a significant step in fostering innovation and entrepreneurship across various sectors.
Read also: Telr partners with Apaya to enhance payment solutions for MENA merchants
Focus on key sectors
The accelerator will target fintech, healthcare, e-commerce, mobility, and logistics industries. Each cohort will consist of 10 to 15 startups selected from local and international applicants, including those looking to enter the MENA market.Â
Participants will receive an initial investment of $100,000 and potential follow-on funding to support their growth. The four-month program will emphasise essential areas like sales, marketing, and product development, culminating in an in-person market orientation in Riyadh.
William Bao Bean, Managing General Partner of Orbit Startups, expressed enthusiasm about the collaboration: "Entrepreneurship is the catalyst for economic transformation, and technology pushes the boundaries of what is possible.
Our partnership with Sanabil reinforces our commitment to scaling startups cross-border in the MENA region". This partnership aims to equip startups with vital resources, enabling them to disrupt industries and unlock economic potential.
Read also: Paymob secures $22M extension in series B funding, eyes MENA expansion
Building a robust ecosystem
The Sanabil Accelerator by Orbit is part of a broader strategy to enhance Saudi Arabia's position as a global hub for digital innovation.Â
Since its inception, Sanabil has managed over $3 billion in annual investments, focusing on empowering early-stage companies across diverse sectors.
The accelerator is Sanabil's second initiative since 2021, reflecting its ongoing commitment to supporting startups at various stages of development.
The program is designed to provide financial backing and facilitate connections within a robust network of mentors and investors.Â
This approach aims to create a sustainable environment where startups can thrive and scale effectively. As noted by a Sanabil spokesperson, "Partnering with Orbit, we are committed to empowering early-stage startups across diverse sectors including technology, healthcare, web3 and mobility".
