RIYADH: Techstars, a US venture capital firm, announced a new partnership to continue the Techstars Riyadh Accelerator in collaboration with the Saudi Ministry of Communications and Information Technology, Raed Ventures and the National Bank of Saudi Arabia.
The accelerator focuses on startups in the Middle East and North Africa that are establishing and growing their businesses, with the goal of paving the way for future innovation in the region’s digital economy.
“I am very excited about the growth of the startup ecosystem in the Kingdom, and between the Kingdom’s investment in entrepreneurship and its pivotal location, Riyadh can attract global emerging talent to the entire region,” Techstars CEO Maëlle Gavet said.
“The best entrepreneurs can influence the world no matter where they are, and part of what we do at Techstars is help them connect their innovations to the rest of the world,” Gavet added.
Abdullah Al-Shamrani, director of digital entrepreneurship at the Ministry of Communications and Information Technology, emphasized the importance of technological and innovative entrepreneurship in achieving Vision 2030.
The accelerator is accepting applications for a 13-week program from June to September 2023. Funding and fundraising opportunities, as well as curated workshops and resources, will be available to each company. Participants will also benefit from a network of mentors from the Ministry of Communications and Information Technology, the National Bank of Saudi Arabia and Raed Ventures.