200 start-ups raise $600mln in Dubai accelerator programme

200 start-ups raise $600mln in Dubai accelerator programme

Around 200 start-ups have so far collectively raised more than $600 million in funding this year from investors through a programme facilitated in Dubai.

The companies receiving the capital had participated in a three-month accelerator programme of the Dubai International Financial Centre (DIFC) FinTech Hive, according to a statement.

At least 19 of the beneficiary start-ups, which offered solutions that are “some of the best” seen in the financial market, marked the end of the latest edition of the programme on Tuesday at the DIFC Innovation Hub’s annual flagship Investor Day.

DIFC did not disclose the investors who offered to finance the start-ups.

The accelerator programme offers companies, including FinTech, InsurTech, RegTech or Islamic FinTech start-ups in the region, the opportunity to access banks and insurance firms for partnership opportunities, as well as marketing and investment exposure.

For a period of three months, start-ups who qualify for the programme are matched with fintech industry entities. The start-ups undergo a selection process and get the chance to pitch their business to senior stakeholders in the Middle East.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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