India-based cloud services provider, G7CR, announced that it will select more than 1000 startups across the MEA and India for its accelerator program next year, where they plan to inject up to $30 million in investment. The investments will offer strategic support across competency building, capital, technology, and revenue, as well as give startups a leg up to adopt transformative innovations such as cloud services.
G7CR is looking to invest in 200 more startups in the next four to five months. Startups using B2B SaaS that are expanding their operations in emerging markets including the MEA are eligible to receive benefits from $5,000 up to $25,000.
Through its Startup 360 initiative, G7CR Technologies has already invested around $1 million across more than 100 tech services startups in the third quarter of 2021, with 30% of investments allocated to UAE-based businesses. With an office in Dubai, G7CR is cashing in on the UAE’s tech and entrepreneurial boom, with plans to select an additional 300 startups from the country for its accelerator program in the first half of 2022. Three UAE-based unicorns have already joined the program with 15 more identified.
“By building a cloud technology platform and working closely with these start-ups, we have understood various business challenges they face on a day-to-day basis,” said Christopher Richard, managing director and chief cloud architect of G7CR Technologies. “With our expertise and market reach, we intend to help these start-ups which even have the potential to become unicorns.”
This latest initiative is aligned with the UAE’s mission to become a global hub for innovation and entrepreneurship. In November 2021, the UAE launched the Entrepreneurial Nation initiative to attract more startups and foreign investment with the ultimate goal of attracting 20 unicorns by 2022. This coincides with the announcement of a $272 million private equity fund for lending to SMEs over the next five years.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
