UK Lebanon Tech Hub Gets US$3.2 Million Boost To Accelerate Lebanese Tech StartupsIn the spirit of further fueling the growth of Lebanon's startup ecosystem, the UK Lebanon Tech Hub (UKLTH) launches The Nucleus, a venture building program.
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In the spirit of fueling the growth of Lebanon's ecosystem further, theUK Lebanon Tech Hub(UKLTH) has launchedThe Nucleus, a venture building program whose objective is to turn tech ideas and minimal viable products into marketable solutions- and it commences with offering financial support too. The Central Bank of Lebanon will fund the UKLTH with US$3.2 million -in parallel to the fund pledged by the UK Embassy- totaling its funding to $6.4 million, as announced byNicolas Sehnaoui, Chairman of the UKLTH during the launch.
From 176 applications, with 37 applicants from outside Lebanon, 20 startups were chosen to attend a week of product development workshop. After a week, a final selection of six startups were shortlisted to join The Nucleus' full three-month acceleration program. The six startups would receive an investment of $20,000 in cash and $30,000 in services, in return for a 5% equity stake. Over the course of three months, startups would undergo workshops on finance,legal structures, raising funds, marketing and sales, as well access to office space, legal and auditing services support and HR services. After the program, alumni startups can still receive support through facilitating partnerships and potential investments.
THE SELECTED STARTUPS
DOXAn energy startup offering predictive maintenance algorithm to monitor the performance of drones.
HANDISSA platform for engineer and architect freelancers in the construction sector.
IMAGINEMEAn online publishing platform utilizing augmented reality to create personalized children's book.
JALEESAA tech-driven platform connecting parents with verified caregivers.
LGALXA platform offering legal answers and services using AI and blockchain tech.
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