The Mohammed bin Salman Foundation (Misk) has announced the graduation of 20 tech startups from the fourth cohort of the ‘Misk Accelerator programme in collaboration with the global innovation platform “Plug and Play.” The graduation of the fourth cohort of the accelerator took place during the demo day of the startups that qualified for the final stage of the programme, held at “The City Hub”, located in Riyadh’s Mohammed Bin Salman Non-profit City.
Misk Accelerator aims to empower early-stage startups in the Kingdom and has been one of the most prominent business accelerators in the region since its launch in 2019. The programme has supported over 130 startups, contributed to the creation of more than 2,330 jobs, and reached a collective valuation of more than SAR 1.2 billion to date in Saudi Arabia. The programme has directly contributed to achieving Misk Entrepreneurship’s goals to create a positive economic impact by generating 10,000 jobs and increasing the total valuation of startups to SAR6 billion by 2030 through supporting and enabling entrepreneurs and startups participating in Misk’s various entrepreneurship programmes.
The fourth cohort comes as part of Misk Foundation’s efforts and initiatives to support the entrepreneurial ecosystem in the Kingdom and promote the growth of a new generation of tech startups
Dr Badr Al-Badr, CEO of Misk, expressed his delight at seeing many ambitious entrepreneurs successfully completing the fourth cohort of the Misk Accelerator programme. Al-Badr stated: “Misk has a vibrant ecosystem based on the vision of its Founder, where we strive to expand the horizons of youth and startup founders and to invest in their hidden potentials and develop their professional and personal skills, enabling them to lead the future of the Kingdom.” He added, “Misk harnesses all its capabilities to support youth and create opportunities for them to empower and engage them in addressing future challenges through its various tracks, subsidiaries, programmes and initiatives. Our goal is for our youth to become inspirational leaders who provide the best solutions to address current and future challenges.”
Commenting on the occasion, Saeed Amidi, CEO and Founder of Plug and Play Tech Centre, said: “We are thrilled to celebrate the graduation of the fourth cohort of the Misk Accelerator programme. The commitment and achievements of these startups are a testament to the incredible entrepreneurial talent in the Kingdom. Our collaboration with Misk in supporting these tech startups is crucial for the growth of the entrepreneurial ecosystem in Saudi Arabia. As Plug and Play, we remain steadfast in our dedication to empowering startups both locally and globally, and we will continue fostering innovation that drives positive change within the Kingdom.”
For the 20 startups, the demo day comes as the culmination of an intensive 12-week training phase, where the startups got the chance to pitch to multiple investors in the audience, effectively marking the next chapter in their entrepreneurial journeys towards achieving rapid growth.
In its fourth cohort, Misk Accelerator received over 1,120 applications, accepting 16 Saudi startups and four startups from the Middle East, including the United Arab Emirates, Jordan, and Kuwait.
The following is a list of the companies that graduated in the fourth batch of the programme:
- CarTrust (Saudi Arabia): A pioneering Auto-Tech company specialising in digital vehicle inspections and evaluations of tech platforms using artificial intelligence, machine learning, and computer vision.
- Equiptal (Saudi Arabia): A technology-driven heavy equipment marketplace and fleet management solution.
- Fahman (Saudi Arabia): A digital publishing platform comprised of a book library offering both electronic and audiobooks in both the Arabic and English languages and a SaaS enablement platform that includes aggregation, self-publishing, and digitization.
- FIFOplus (Saudi Arabia): A B2B technology solution designed to digitalize the backend value chain of the HORECA (Hotels, Restaurants & Cafes) industry, specifically targeting the optimization of the procurement process.
- iStoria (Saudi Arabia): An English-learning app that offers enjoyable graded stories to build a competent level of vocabulary from a beginner to an advanced level for language proficiency.
- Kitchefy (Jordan): A platform offering innovative solutions to address the problems of underutilization of current commercial kitchens by injecting virtual high-demand food brands into these kitchens.
- LogesTechs (Saudi Arabia): A platform that provides a multi-user logistics management system to help clients manage and track their operations.
- Mawqif (Kuwait): Mawqif provides a mobile application that allows cashless & ticketless payment solutions for parking lots.
- Musaid (Saudi Arabia): A platform that combines ticketing, customer support, and social management for streamlined operations and enhanced brand engagement.
- Nuzul (Saudi Arabia): A platform that offers convenient, easy, and practical rental solutions for property owners and tenants looking for short, medium, or long-term accommodations.
- Reachware (Saudi Arabia): An Automation tool and Integration Platform as a service (IPaaS) that enables systems to talk seamlessly with each other and allows separate SaaS applications to function as a unified ecosystem for the business. Remora (Saudi Arabia): A social investment platform that connects retail investors with cryptocurrencies through automated trading and copying on an easy-to-use platform.
- Revent (United Arab Emirates): An e-commerce platform for selling used electronic devices.
- Rodud (Saudi Arabia): A logistics services company with an advanced electronic platform specialized in land transportation operations, linking all commercial and personal segments with suitable vehicles for their transportation and delivery requests.
- BildNow (Saudi Arabia): The first company in Saudi Arabia to offer the “Build Now, Pay Later” service, primarily providing deferred sales of raw materials.
- Shaguf (Saudi Arabia): An educational platform aimed at developing the education sector in the Kingdom by building a collaborative environment among students.
- Spoilz (Saudi Arabia): A game publishing company dedicated to delivering the best gaming experiences to players around the world.
- Dudi Sports (United Arab Emirates): Community super-app for sports, wellness and adventure.
- Foezy (Saudi Arabia): An e-commerce platform that connects fast-moving consumer goods traders with wholesalers.
- Tikna (Saudi Arabia): A cloud-based platform that leverages AI technology to enable businesses to analyse data with greater efficiency.
Misk Foundation also announced that applications have now opened for Cohort 5 of the Misk Accelerator programme, encouraging qualified startups to apply now before the deadline closes end of July 2023.