NRG Ventures has opened a business accelerator program to start a business in Saudi Arabia. This was reported to RB.RU by a representative of the fund. Companies will receive a $100,000 grant and an investment of up to $300,000 from partner NRG Accelerator.
The program is reportedly a one-stop solution for starting a business in Saudi Arabia. The strategic partners of the program are the King Abdulaziz City for Science and Technology (KACST), the General Directorate of Small and Medium Enterprises (Monsha’at) and others.
New companies will be able to enter the Saudi Arabian market and scale their business, get market access (clients and partners), support with relocation, residence permit. Companies can also count on personal mentoring and an onboarding program from NRG Ventures; $100,000 grant, up to $300,000 equity investment from accelerator partners.
Projects may also be shortlisted to receive follow-on investments from NRG Ventures and partners in the amount of $1-10 million during or after the program.
Applications are accepted until the end of June 2023 at the link.
Startup selection criteria:
- A commitment to move to Saudi Arabia in the fall of 2023 with at least one co-founder;
- The Middle East region is a strategic region for business today;
- Startups with constantly growing revenue (startups with no revenue are considered if they have patents for advanced DeepTech technologies);
- There are no requirements for the jurisdiction of a legal person;
- Technological readiness level (TRL) not less than TRL 7.
Conditions:
- 6-month program (no program fee) starting September 2023;
- A micro option on shares, to be exercised upon reaching mutually agreed upon KPIs (eg investment targets, clients);
- Full-time participation during the program.
Author:
anastasia mariana
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
