iAccel GBI Sets Sights on Bringing 25-30 Startups On-board by this Year-end, with Investment Commitment of $3-4 Million
By siliconindia | Wednesday, 13 September 2023, 05:21:20 PM IST
iAccel Gulf Business Incubator (iAccel GBI), a subsidiary of India Accelerator, is on a mission to empower startups from around the world. The organization is thrilled to announce its ambitious plan to onboard 25-30 startups by the end of 2023, with 11 startups already signing Memorandums of Understanding (MoUs) to join the accelerator. With a strong commitment to fostering innovation and entrepreneurship, iAccel GBI aims to invest $3-4 million by the end of this year, further bolstering its efforts to support the growth and development of emerging businesses. In the coming year, iAccel GBI plans to inject approximately $20-25 million more into these startups, propelling them toward success.
"iAccel GBI is more than just an accelerator; it's a launchpad for visionaries, innovators, and entrepreneurs," said Ashish Bhatia, Co-Founder, India Accelerator. "We are excited to partner with promising startups and provide them with not only financial support but also essential resources, guidance, and mentorship to help them thrive."The Dubai-based iAccel GBI is not only expanding its portfolio of startups but also its geographical reach. The incubator has plans to establish its presence in Saudi Arabia within the next 18 to 24 months, further solidifying its position as a regional hub for innovation.
Commenting on the same, Mr. Deepak Ahuja, CEO & Co-Founder of iAccel Gulf Business Incubator said, "Dubai has already earned its reputation as the global hub for finance, trade, meetings, incentives, conferences, and exhibitions (MICE), hosting significant conferences and events. Now, it aspires to take the mantle of becoming the startup capital, with a grand vision of attracting tech enterprises to the UAE. iAccel GBI is an ecosystem player, contributing towards the grand vision of Dubai government and our offering is unique- our accelerator model, angel network, academia partnerships, corporate innovation program, mentorship and market access for startups.”
In a significant development, iAccel GBI is in advanced discussions with certain entities and partners to launch a substantial fund, ranging from $25-50 million, by the end of Q2 next year. This initiative will provide additional support to startups and entrepreneurs, propelling Dubai's reputation as a thriving global business hub. iAccel GBI boasts a robust network of 235 angel investors, with plans to increase this number to 500 by the end of the year. In addition to financial support, iAccel GBI offers startups valuable services such as Dubai Mainland License acquisition, workspace solutions, mentoring, advisory support, and networking opportunities. The organization also assists startups with critical aspects such as legal, finance/accounting, marketing, and immigration/visa processes.
iAccel GBI's visionary approach has garnered interest from various regions, including Romania, Australia, US, and Egypt, reflecting its global appeal. Startups from fintech, B2B SaaS, edtech, ecommerce, F&B Tech, Insuretech, Digital community and agritech sectors have shown substantial interest in the program so far. Beyond its extensive network of investors and entrepreneurs, iAccel GBI places a strong emphasis on academia, fostering collaborations and partnerships that contribute to the growth of the startup ecosystem. iAccel GBI is dedicated to propelling innovation, nurturing startups, and playing an instrumental role in the evolution of the entrepreneurial ecosystem. As it continues to expand its portfolio and impact, the organization invites startups from around the world to join them on this exciting journey of innovation and growth.
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