Standard Chartered and Falak Holding have officially concluded the fourth cohort of the Women in Tech Saudi Arabia programme. At the recent Demo Day held in Riyadh, the initiative awarded three women-led startups a total of USD 45,000 in equity-free grant funding.
The Accelerator Program Details
The comprehensive eight-week accelerator was designed to elevate female founders across the Kingdom. Key highlights of the cohort include:
- High Demand: The programme selected 10 women-led startups from a highly competitive pool of 251 applications from across Saudi Arabia.
- Holistic Support: Participants underwent rigorous training encompassing workshops, mentoring, business development support, investment readiness, and pitch preparation.
- Judging Panel: Founders pitched their ventures to an expert committee including representatives from Standard Chartered, Falak Holding, the Ministry of Communications and Information Technology, Monsha’at, and Flat6Labs.
Demo Day Winners
The three startups that secured the equity-free grants span diverse and innovative sectors:
- GigSA: An AI-enabled event workforce management company.
- Lesser for Sustainability Solutions: A technology company focused on sustainability and the circular economy.
- Munji: A cardiac health technology firm utilizing wearable devices, the Internet of Things, and artificial intelligence.
Driving Vision 2030 Through Female Entrepreneurship
The Women in Tech program aligns closely with Saudi Vision 2030 by championing economic diversification and job creation through female entrepreneurship. Mazen Bunyan, Chief Executive Officer and Head of Coverage for Saudi Arabia at Standard Chartered, emphasized that the initiative empowers women entrepreneurs with essential tools, networks, and capital to scale impactful businesses.
Adwa Al Dakhel, Founder and CEO of Falak Holding, noted that the true value of the accelerator lies in the tangible progress of each company. She highlighted that founders evolved from merely planning their next steps to actively building companies equipped to reach the market and access capital. Since its launch in March 2022, the Saudi Arabia branch of the global Women in Tech initiative has supported 40 female founders and distributed USD 190,000 in equity-free funding to 12 startups.
About Standard Chartered And Falak Holding
Standard Chartered is a leading international banking group with a presence in 55 dynamic markets globally, listed on the London and Hong Kong stock exchanges. Falak Holding, founded in 2018, is a Riyadh-based ecosystem enabler that has supported over 180 startups and 40,000 beneficiaries through growth services, venture funding, and strategic partnerships, boasting a portfolio market capitalization exceeding SAR 1.3 billion.
Source: PR Release
