- UAE-backed online Incubator as well as the Accelerator, FasterCapital has tied up alongside a female-powered start-up, as well as alongside two other firms for boosting up capital.
- The Dubai-based online incubator as well as the accelerator-FasterCapital, is in pursuit to have conversation alongside two other female-oriented start-ups within the GCC territory-KutKoot and BFF Gram – to support them to raise funds, the chief executive officer of the incubator stated out.
- The incubator has also initiated a swifter and fruitful discussions alongside these female powered start-ups on the boundaries of charting out a fool proof finalized scheme by boosting up a capital-raising agreement along with Volonte Business Management, substitute female-powered start-up in the UAE.
Hesham Zreik, chief executive officer of FasterCapital, stated out that; “We will be tapping into our global network of venture capital, angel investors and also individual investors to tie-up the funds required for these women-led start-ups.”
He also stated out further that; “We believe many innovative women in the Middle East are only waiting for the support needed to start ground-breaking businesses in different walks of life. We believe that supporting women entrepreneurship is still an ongoing process, and although a lot of progress has been achieved in this regard, more support needs to be provided,” said Zreik, a Forbes top 50 angel investor who has co-founded more than 40 start-ups and invested in over 100 start-ups.”
Zreik also further added that FasterCapital was also in consultations with a few other industries powered by women in the Middle East to nurture and boost enough capital for them. He, however, did not unveil the names of these endeavours.
Zreik stated out that his firm matches the trades with its network of angels and partners to elevate out the funds.
“We also reach out to people from outside of our network. A team of an expert and two to eight people work on promoting and matching the start-ups to raise the capital needed. The funding sources – such as angel investors, venture capitals or crowdfunding – are decided on the basis of plans discussed with the founders,” Zreik said.
The Saudi-based KutKoot – is in general a children’s entertainment establishment focused on Arabic content – and is co-founded by Mashael Makhadmi, who also established a Middle East and African street wear brand Mojati, which has now been finished into an Amazon brand.
BFF Gram is a UAE-based imaginative social network app, initiated by Monah Al Jneibi, while Volonte Business Management, a business advisory start-up based in the UAE, is founded by Vida Moradinasab.
Sector experts stated many accelerators, institutional and distinct investors – home grown and global – have been actively supportive female entrepreneurs with funding and mentoring, powering to the dawn of numerous female-led start-ups in the GCC province of late. Gathern, NOW Money, Bessern, Nomad Homes and Xcute are among the GCC-based female-powered start-ups which have freshly raised funds – ranging from $5,000 to $7 million in pre-seed to Series C rounds – from a grip of Middle East and global investors, according to Crunchbase, which tracks and monitors private company data.