iAccel GBI looking to onboard 25-30 startups by end of 2023; plans to invest $3-4M
So far, 11 startups have signed an MoU to join iAccel GBI, which aims to onboard more than 20 startups by the end of this year.
Dubai-based iAccel Gulf Business Incubator (iAccel GBI), a subsidiary of , plans to onboard 25-30 startups from across the world by the end of 2023.
To date, So far, 11 startups have signed an MoU to join iAccel GBI, which aims to onboard more than 20 startups by the end of this year.
The accelerator plans to invest $3-4 million by the end of this year and aims to inject around $20-25 million more into startups by next year. iAccel GBI plans to expand its footprints to Saudi Arabia in the next 18 to 24 months.
It is also in advance talks to launch a $25-50 million fund by the end of Q2 next year.
"[Dubai] has become the world's meeting incentive, conference, and exhibition capital (MICE capital), hosting major conferences. It now aims to become the startup capital, with the ambition of bringing tech businesses to the UAE. This could be through a company branch, subsidy, or prep office," Deepak Ahuja, CEO and Co-founder of iAccel Gulf Business Incubator, tells YourStory Gulf while talking about the purpose of the incubator programme.
Launched in March 2023 in Dubai, iAccel GBI provides support and resources to early-stage tech startups to achieve global expansion goals, with backing from Dubai SME, an agency of the Department of Economy and Tourism.
The company has a network of 235 angel investors, aiming to reach 500 by the end of the year, with five venture capital firms and 12 HNIs and family offices working with them.
The average ticket size ranges from $100,000 to $10 million. Other than financial support, the incubator helps startups with Dubai Mainland License, workspace, mentoring, advisory support, and networking. iAccel GBI also supports startups with legal, finance/accounting, marketing, and immigration/visa processes.
Four startups, including Task Tracker, Klubworks, PWIP, and Join Me, have received a Dubai Mainland licence.
The programme has also attracted interest from other geographies, including Romania, Australia, and Egypt.
So far, startups from fintech, B2B SaaS, edtech, ecommerce, and agritech sectors have shown interest, with ongoing conversations with healthtech and digital assets focused companies.
iAccel GBI also works closely with academia to promote the culture of entrepreneurship and innovation among young students in various schools and universities.
(The copy was updated to modify information provided by iAccel GBI.)
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Edited by Kanishk Singh