The Central Bank of Lebanon will fund the UK Lebanon Tech Hub (UKLTH) with $3.2 million, matching the funding pledged by the UK Embassy, announced H.E Nicolas Sehnaoui, chairman of the UKLTH at the launch event of The Nucleus program at the Beirut Digital District yesterday. The total funding of the UKLTH will then reach $6.4 million.
The Nucleus is a venture building program that aims to turn tech ideas and minimal viable products into marketable ones.
Out of 176 applicants, six finalists were chosen to participate in the full program of The Nucleus following a six-week recruitment process. All six startups will benefit from an investment of $20,000 in cash. Additionally, the UKLTH will offer them $30,000 in services in return to five percent equity stake. The entrepreneurs will also have access to office space, legal and auditing support required to register their companies, in addition to HR management services among others.
The six startups selected to join The Nucleus program are:
A predictive maintenance algorithm that monitors battery performance in real time while providing predictive key metrics.
A platform that centralizes freelancing in the construction market for independent engineers and architects.
An online publishing company that uses augmented reality to create personalized children books where kids become the stars of their own stories.
A tech-driven startup that connects families with trusted child carers.
An online platform that enables access to legal consultancy and services using artificial intelligence and blockchain technology to increase efficiency.
An icon-based app that creates actionable reminders assisting you to boost your memory and power your productivity.
Feature image of the six finalists via Wamda.