- Cohort 3 program turbocharges a new generation of Saudi tech startups
- Misk Accelerator Program has nurtured more than 60 early-stage startups across the MENA region worth a combined market value of $300 million
Riyadh, Saudi Arabia: – A total of 19 startups will take the next step in their entrepreneurial journey following the graduation of Cohort 3 of the Misk Accelerator program – a partnership between Mohammed bin Salman Foundation “Misk” and Plug and Play, the world’s leading innovation enabler, to scale up Saudi Arabia’s dynamic startup ecosystem.
Early-stage startups from around the MENA region and across technology, fintech, aerospace, tourism, edtech, retail, and more, had their growth turbocharged during the project, which offered entrepreneurs a 12-week non-equity program with training, mentorship and tools to accelerate the growth and scalability of their startups. Demo Day was the final event in the accelerator program that drew to a close yesterday after officially graduating all participants, who are now eligible for an alumni startup program.
Delivering the welcoming remarks were Nasser Almutairi, Director at Misk Foundation and Henrik Baerentsen, Plug and Play Saudi Arabia Director. The 19 participating startups then proceeded to pitch their businesses to investors attending the event.
The Misk Accelerator Program has become one of the region’s most productive accelerators. It has supported more than 60 startups who have created over 275 jobs, raised $40 million in funding and reached a combined total market valuation in excess of $300 million to date. The program has also directly contributed to the objectives of Misk Entrepreneurship, the entrepreneurship arm of Misk Foundation, which include supporting startups in creating economic impact by enabling the creation of 10 thousand jobs, and increasing their collective valuation to SAR6B by 2030.
“We are delighted to see so many aspirational entrepreneurs successfully conclude Cohort 3 of the Misk Accelerator Program,” said Nasser Almutairi, Director, Misk Foundation. “Through our strategic partnership with Plug and Play, we are moving further and faster to create a new generation of homegrown unicorn companies in Saudi Arabia that can contribute to Saudi Vision 2030 and to the Kingdom’s rapid economic growth.
Misk Foundation continues to play an integral role in supporting and empowering youth in and around the Kingdom and through the various programs that Misk Entrepreneurship offers, we have ensured that the entire entrepreneurial value chain, from startups in the idea stage all the way to unicorns, are catered to.”
Henrik Baerentsen, Plug and Play Saudi Arabia Director, added: “We are thrilled to continue our partnership with the Misk Foundation and to conclude successfully, our third edition of the Misk Accelerator Program.
“In this cohort, we are proud that we have accelerated the growth of 19 early-stage startups from different industries. We have witnessed incredible growth and excitement from our selected startups in this cohort, as we are looking forward to continuing our support to all of the program alumni post program. This program generally has accelerated the growth of more than 60 unique talents and high calibre startups who were selected in our the cohorts, and with Misk we can aim high and push forward to have bigger impact and greater contribution to 2030 vision realization.”
Misk Foundation and Plug and Play also announced that applications have now opened for Cohort 4 of the Misk Accelerator program, encouraging qualified startups to apply now before the deadline closes in January, 2023.
