March 2, 2023: UnifonicX, the investment arm of Unifonic, successfully concluded the second edition of its entrepreneurial Accelerator Program recently. The participants of the Accelerator Program underwent a variety of hands-on learning activities – including live workshops, individual mentoring sessions, and online training.
The program reiterates UnifonicX’s commitment to foster and invest in SaaS startups through Accelerator and a Venture Builder in order to encourage entrepreneurship in Saudi Arabia. Executives and technical teams from Unifonic, a leading engagement platform and CPaaS provider in the Middle East, were involved in mentoring the start-ups. The program offered opportunities for start-ups to engage with a wide variety of local and global industry leaders who served as mentors and guest speakers in the fields of product development, marketing, sales, law, finance, and investment.
The 12-week program provided training and mentorship to nine promising SaaS startups from Saudi Arabia, Egypt, UAE, and New Zealand and Pakistan and concluded with a demo day held at the Center for Digital Entrepreneurship (CODE) in Riyadh. During the demo day, the nine high-potential start-ups presented their innovative SaaS startups and capabilities to angel investors, tech VCs, and representatives of the entrepreneurial ecosystem. The start-ups pitched their innovative business concepts on how SaaS solutions could transform the traditional operations across a variety of verticals.
Ahmed Hamdan, Co-founder, and CEO of Unifonic said: “Through the Accelerator Program, we are committed to empowering SaaS start-ups, enabling them to advance in their business endeavors and contribute to enriching the entrepreneurial ecosystem in the region. We further seek to assist businesses in their developmental journey by providing practical skills applications and theoretical knowledge. This will enable them to pitch new business concepts to investors and draw in investments, ensuring the companies’ success in the future. As this phase of the journey comes to a close, we are extremely proud of the commitment and accomplishments of the participating companies and look forward to continuing our mission to support, empower, and invest in more start-ups.”
The nine companies that participated in the Accelerator Program include – Workiom, a single cloud workspace with No-Code Tools Builder for businesses to manage their data and operations, Soop, a cloud-based B2B Software for food safety management in the foodtech sector, Value of Money (VOM), a Saudi cloud accounting software for small and medium-sized enterprises (SMEs), munjiz, a talent match-making platform that caters to all the hiring requirements of companies, Konspot, a WebRTC based platform that allows businesses to integrate audio, video, recording, and screensharing to any application or website, CrossVal, a SaaS platform automating financial modeling processes for early-stage companies, and investment funds, Appgain, an all-in-one mobile marketing cloud platform, Resourceinn, a smart HR Management software, and Garantian, an alternative payment method which makes use of cell phone penetration to increase financial inclusion.
UnifonicX will announce the opening of registration for the upcoming cohort within the next two months. They intend to include 10 start-ups for the next cohort and invest USD 100,000 in each company before they join the program.