Lebanon Businessnews News

Speed@BDD launches
second acceleration program
To invest in seven startups
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Tech accelerator Speed@BDD has launched its second acceleration program, investing $210,000 in seven startups.

The accelerator, which accepts startups at the idea and early stages, said the investment will be equally divided among the startups, each one receiving a $30,000 cash injection.

The startups will also receive free hosting, mentorship, and product and business development services, as well as accounting and legal services. “Workshops and talks will be delivered by local and international coaches with various backgrounds and expertise,” Speed@BDD said in a statement.

The three-month intensive acceleration program started on April 7 and will be completed on July 7. It will be followed by a Demo Day event around mid-July, 2016.

The startups are Interior Adviser, Jellyfish, Monica, SQWIRL, Synkers, TopShou, and Vision in Motion. They are mainly in the software industry, especially application development.

Founded by Hala Al Kasm and AbdulSalam Shalash, Interior Adviser is a platform that allows users to browse and recreate professional custom designs for their space. Jellyfish, founded by Joey and Teddy Zeenny, is a budgeting and expense-tracking tool that uses real-time financial states. Monica, created by Richard Abi Chahla and Bashir Omari, is a mobile app for exhibitions that automatically plans attendee visit based on their individual goals. SQWIRL is an on-demand local delivery service app for individuals and companies developed by entrepreneurs Karl Abouzeid, Ziad Jureidini, and Maroun Abou Harb. Synkers connects students seeking help in a specific course to successful peers and it also helps students find tutors, this startup was founded by Audrey Nakad, Sybille Nakad, and Zeina Sultani. Topshou, created by Loubna Ibrahim and Ali Zein, is a community driven fashion discovery app where users can give and seek advice on style issues. Founded by Samy El Khoury and Amer Mouawad, Vision in Motion has developed a software-based platform that allows businesses to track their customers’ behavioral patterns through surveillance cameras by using image processing and computer vision technology.

Speed@BDD had invested $180,000 in its first batch that consisted of six startups. Sami Abou Saab, the accelerator’s CEO, said that four of these startups are currently in serious talks with local and international investors, with offers at hand ranging up to 20 times their valuation before the acceleration program.

Speed@BDD, which launched its operations in mid-2015, supports startups in the software, digital and web and mobile industries. Its major shareholders are Berytech Fund II, Middle East Venture Partners (MEVP), and IM Capital.
Reported by Shikrallah Nakhoul
Date Posted: Apr 12, 2016
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