05/19/2021

Riyadh Techstars Begins Registering Technology Startups For First Time In Saudi Arabia

In partnership with Raed Ventures Investment Fund (RVIF), the Ministry of Communications and Information Technology announced the start of registration in “Riyadh Techstars Accelerator” specialized in technology accelerators. Techstars Accelerator will be based in capital Riyadh for four months, to provide support programs, and invest in the initial stages of projects from start to rapid growth with the aim of enhancing companies success, supporting their commercial growth, accelerating their reliance on digital technologies, and expanding into different markets.

MCIT is keen to back up and stimulate emerging companies in line with main pillars of the ambitious Kingdom’s vision 2030, based on the objectives of the Communications and Information Technology Strategy 2023
MCIT believes in the importance of digital entrepreneurship, as a source of digital economy, an engine of the fourth industrial revolution and a real investment in the journey towards full digital transformation.

Making its debut, Riyadh Techstars Accelerator will adopt 10 start-ups, allowing them to expand their various businesses and partnerships. Projects involved in the programs will also receive funding of 450,000 riyals ($ 120,000), in partnership with RVIF, required that the project must fulfill the conditions for obtaining financing. Funding conditions will be clarified within the programs
The accelerator offers organizing start-ups a global network of mentors in 150 countries, including 20,000 experts and mentors. Mentors will be available for one on one meetings to share expertise from their deep experiences in digital entrepreneurship and establish relationships with promising start-ups.