Global venture capital firm 500 Startups has partnered with Saudi Arabia-based Sanabil Investments, a financial investment company focused on global private investments in venture capital, growth and small buyout, to launch the Sanabil 500 Mena Seed Accelerator Programme in Riyadh.

This follows the recent announcement of the establishment of 500 Startups’ new Middle East and North Africa (Mena) regional headquarters in Riyadh.

The accelerator will consist of six programmes run by 500 Startups over a period of three years for a select group of pre-Seed and Seed stage startups from Saudi Arabia and the wider Mena region starting 22 February.

“We are thrilled to back the very best startups in Mena through the Sanabil 500 Mena Seed Accelerator Fund and programme. The region’s ecosystem has evolved significantly since 500 first started investing in the region nearly 10 years ago, and we will continue providing Seed-stage founders with the best support possible,” said Bedy Yang, managing partner at 500 Startups, and general partner of the Sanabil 500 Mena Seed Accelerator Fund.

Participating startups will receive a $100,000 investment from the Sanabil 500 Mena Seed Accelerator Fund, a 500 Startups fund in exchange for 10 per cent equity. The fund targets investment in approximately 100 startups, including other pre-Seed and Seed stage startups in Mena.

“We are excited to partner with 500 Startups to launch the accelerator programme. The programme will help fund and support founders in Saudi Arabia and regionally to accelerate their growth and create the champions of tomorrow,” said a Sanabil Investments representative