Spotlight on Arabreneur: New accelerator program sparking Palestinian, MENA economy
Arabreneur, a new accelerator program that invests in startups, has dispersed $440,000 to four high growth Palestinian companies this week, according to Zawya.
"We are pleased to announce the first investment of $440,000 in four leading, innovative startups," Arabreneur's and MENA Apps founder Dr. Abdulmalek Al Jaber told reporters.
Arabreneur plans--and has committed to--investing in 10 to 12 companies within the region every year. The investment, in partnership with USAID, is projected to create between 50-100 new jobs annually in the fields of technical assistance, logistic services, assistance related to regional and international market penetration, networking with partner accelerators globally, and exposure to potential partnerships and clients.
The Palestinian startups that received funding from Arabreneur include "Aidbits," "Fariqak," "LiveTop," and "Karaz."
Aidbits is "an online data management platform for the non-profit sector to monitor activities, indicators and track beneficiaries." Fariqak is the region's first online fantasy football game, LiveTop is a "social education platform" that facilitates knowledge sharing between educators and students, and Karaz provides newlywed advice and consultation through an online platform.
Arabreneur selected the four startups last November in a bidding process where each business pitched their work to a committee. The companies were then selected based on their "readiness to improve and expand their businesses to new markets."
"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," said Dr. Al Jaber.
With a population over 400 million where 70% of the population is under the age of 34, Arabreneur has already begun exploring opportunities to invest in projects in Jordan, Egypt, Morocco and U.A.E along with its current activities in Palestine.
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