4 Palestinian Startups Receive Around Half a Million American Dollars Investment and Acceleration through Arabreneur
Arabreneur announced the first investment of around half a million US Dollars in four Palestinian startups The announcement was made today by Dr. Abdulmalek Al-Jaber, Founder of Arabreneur and MENA Apps, to the media.
“We are pleased to announce the first investment of 440 thousand USD in four leading, innovative startups”. Arabreneur, a recently launched acceleration program in partnership with USAID, has committed to invest in 10 to 12 companies a year, creating between 50-100 new jobs annually; the accelerator’s program includes technical assistance, logistics services, assistance in penetrating regional and international markets, networking opportunities with partner accelerators in North America, Europe, and Australia, and exposure to new partnerships with potential clients and partners.
The four startups that received the investment are: “Aidbits”, an online data management platform for the non-profit sector to monitor activities, indicators and track beneficiaries; “Fariqak”, MENA’s FIRST online fantasy game based on international football leagues; “LiveTop”, a social education platform facilitating communication between educators and students to share knowledge, with over 50 thousand paid subscribers; and “Karaz”, an online platform providing advice and consultation to newly wedded couples.
The MENA region’s population exceeds 400 Million, 70% of them are under the age of 34, sharing one language and geographic location—considering the emerging growth in eCommerce and access to internet and smartphones in the region, a major entrepreneurial opportunity exists. “The MENA region is witnessing an entrepreneurial revolution, creating a role for Arabreneur along with angel investors and mentors who are working together to guarantee the sustainability of the ecosystem in the region” added Dr. Al-Jaber, confirming Arabreneur’s efforts in Jordan, Egypt, Morocco and U.A.E along with the current activities in Palestine.
It is worth mentioning that the selected startups pitched their businesses among six other startups in the first ever Palestinian angel investor pitching event last November. The event was attended by public officials, along with local and international angel investors and many business men and women. The four companies were selected based on their readiness to improve and expand their businesses to new markets.
Arabreneur’s 300 m2 accelerator space in Ramallah is part of a national, regional and international network of accelerators all over the world, which the chosen entrepreneurs are entitled to use for three months through the Soft Landing program, allowing space for the entrepreneurs to explore new markets and meet clients, mentors, and investors to support their businesses.
Arabreneur’s next investment round is scheduled for late February 2014; interested entrepreneurs are welcome to submit their businesses through the online platform: www.arabreneur.com