Sanabil Investments & Orbit Startups (Image Credits: Mox Photographers)
Sanabil Investments has announced that it is now launching a new accelerator programme targeting early-stage startups in North Africa, and by extension, the wider Middle East. The accelerator, which came out of a partnership with venture capital firm Orbit Startups, is scheduled to run bi-annually, with a focus on key sectors like fintech, healthcare, e-commerce, mobility, and logistics. The number of startups participating in each cohort will range from 10-15. They will be selected from the Middle East and North Africa (MENA) region and beyond, including companies seeking to expand into the region.
Sanabil, a subsidiary of the Saudi Arabia Public Investment Fund (PIF), manages over $3 billion in yearly investments. According to its website, it aims to use the programme to bring promising early-stage companies to the limelight. A spokesperson for the firm revealed that the partnership with Orbit is a testament to the firm’s commitment to “empowering early-stage startups across diverse sectors including technology, healthcare, web3 and mobility.” William Bao Bean, managing general partner of Orbit Startups, also stated that the partnership with Sanabil “reinforces our commitment to scaling startups cross-border in the MENA region.”
Selected startups will be entitled to an initial investment of $100,000, with a potential of follow-on funding. The programme, which spans for four months, is designed to provide support in areas like sales, marketing, and product development. There will also be a physical orientation session in Riyadh, where participants will be able to interact with Orbit’s community of partners, mentors, and investors.
Armed with a track record of investing in early-stage companies in Asian nations like China and India, Sanabil has been expanding its operations in the Middle East and North Africa (MENA) region. Since 2020, its portfolio in the region has steadily grown to 45 companies. Orbit Startups has a track record of investing in early-stage companies in China and India and has been expanding its presence in the MENA region. Since 2020, its portfolio in the region has grown to 45 companies.
The Orbit accelerator programme has already completed one cohort and is now beginning the selection process for the second. The initiative comes as Saudi Arabia seeks to develop its non-oil economy and position itself as a regional hub for technology and innovation. Supporting early-stage ventures, particularly in high-growth sectors will help Sanabil and Orbit contribute to the growth of the region’s startup ecosystem. The initiative also exemplifies the burgeoning flow of investment into the MENA startup scene as regional and international investors seek to leverage the regions growing digital economy.
