Orbit Startups (Orbit) and Sanabil Investments have launched an accelerator programme to cultivate early-stage startups from the Saudi Arabia and the Middle East and North Africa (MENA) region as well as global startups seeking to expand into the region.
The bi-annual programme called Sanabil Accelerator by Orbit will focus on key sectors, including fintech, healthcare, e-commerce, mobility and logistics. Each batch will consist of 10-15 startups either from the MENA region, or those looking to expand in the region, including those from India.
“Partnering with Orbit, we are committed to empowering early-stage startups across diverse sectors including technology, healthcare, web3 and mobility,” said a spokesperson at Sanabil Investments, a financial investment company wholly owned by the sovereign wealth fund of Saudi Arabia – the Public Investment Fund (PIF).
Startups selected for the accelerator will receive an initial investment of $100,000 and will have access to follow-on funding in addition to a four-month programme focused on sales, marketing, and product development. Startups will participate in an in-person market orientation in Riyadh and receive hands-on support from Orbit’s network of partners, mentors and investors.
Orbit’s portfolio of companies in the MENA region has grown to 45 since 2020. The accelerator has already had one batch under the programme and will now start the selection process for the second batch.
“We’ve been bridging innovation from startups and large organisations from corporates and conglomerates to governments for the past 15 years. Our partnership with Sanabil reinforces our commitment to scaling startups cross-border in the MENA region,” said William Bao Bean, managing general partner of Orbit Startups.
Orbit has previously invested in startups in China and India, and is now expanding to the MENA region as it sees the startup ecosystem evolve. In India, the firm has investments in multiple startups across sectors like fintech, agriculture, healthtech, e-commerce, and AI solutions.