Speed@BDD, a Beirut-based tech startup accelerator, concluded yesterday its fourth acceleration program with a Demo Day. The accelerator is a collaborative effort between Middle East Venture Partners (MEVP), Berytech Fund II, IM Capital, Lebanon For Entrepreneurs (LFE), and Bader.
Nine startups pitched their companies to an audience of over 250 investors and experts.
The three-months program which kicked-off last March was focused on digital solutions with multiple verticals. The participating startups received $30,000 in cash in addition to mentorships, legal services, financial advice, and workspace.
During the event, Speed@BDD announced the creation of Speed Boost, for which they partnered with five different investors (Elias Houayek, B&Y VP, Phoenician Funds, Berytech Fund II and MEVP Impact Fund) to raise $50,000 for an equity investment worth five percent, for one of the programs’ graduating startups.
The startups prepared an investor deck and pitched to representatives of the five investors to win the prize money at an event held earlier during the week. Cherpa, a startup that looks to teach youth about robotics and electronics in a fun and interactive way, was the winner.
That same startup alongside Neotic, a trading support platform that leverages AI to receive trading recommendations based on machine learning algorithms, will be fully sponsored by Speed@BDD for an immersive, mentorship driven, two week trip to Silicon Valley.
The accelerator is currently accepting applications for its fifth batch of startups which will be incubated in September.