Badir Program launches new strategy to invest in startups
Source: MPR Saudi for Badir Program , Author: Posted by BI-ME staff
Posted: Thu May 3, 2018 2:08 pm

SAUDI ARABIA. Badir Program for Technology Incubators and Accelerators, one of the leading initiatives of King Abdulaziz City for Science and Technology (KACST), has launched a new investment strategy seeking to invest in “high potential” technology start-ups with a focus on the program's incubated or graduated companies.
 
The Program did not disclose the size of the total funds planned for investment in incubated or graduated start-ups, but said the investment strategy aims to bridge the funding gap that hinders emerging companies from turning into businesses capable of attracting investments.

As part of its new investment strategy, Badir Program has completed its investment financing transaction in Voxel Company — one of the most prominent projects incubated by the Program and specialized in 3D terrestrial and aerial digital survey and virtual reality technology.

The Voxel Company, which was valued at $3.5m during the valuation process, intends to use the new funding in improving and developing its services and increase its expansion in the local and regional market.

Photo Captions:
1. (above)  Nawaf Al Sahhaf, CEO of Badir Program, and Abdullah Aba Al Khail, CEO of Voxel after signing the agreement
2. (inset)  Nawaf Al Sahhaf, CEO of Badir Program (File photo)

 

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