Source: Arabian Business
Village Capital, the US-based venture capital firm, is looking to fund UAE start-ups through its MetLife Foundation Impact Fund, a senior executive of the organisation has revealed.
The four UAE start-ups - Buyback Bazaar Technology, Datacultr Fintech Limited, Distichain and HubPay - are expected to receive funding in the region of $500,000 to $2 million.
The start-ups are part of the 12 early-stage fintech ventures selected by Village Capital, in collaboration with Metlife Foundation and PayPal, for its latest edition of the start-up accelerator programme in the MENA region.
“Besides being considered for investment from the MetLife fund, the four UAE start-up ventures will also be funded from the $150,000 grant capital as part of our Finance Forward MENA program,” Alicia Sornson, manager of Programs & Partnerships in MENA at Village Capital, told Arabian Business.
She said one of the greatest challenges start-ups are facing now is difficulty in accessing capital amid economic uncertainty and the VC fund has recently launched a grand coalition of entrepreneurs to tackle this problem.
“We look to support high-impact companies for acceleration and investment. We are also keen to support startup ecosystems that are less resourced than the major hubs such as Dubai, as also aiming to deepen our support of female-led ventures in the region,” Sornson said.