In an effort to help new entrepreneurs get their ideas off the ground, Kuwait’s Arzan VC recently announced plans to launch a pre-seed platform in September, to fund idea-stage startups, that have a minimum viable product (MVP) but no traction yet.
Startup founders willing to log onto the platform, will have to upload a pitch deck and tick certain criteria boxes. Within two weeks they’ll receive a decision on their account. If approved, they will receive $25,000 as well as the legal documentation required. The founder will then need to secure a technical cofounder and approach angel investors to raise an additional $25,000. Once in the program, they will continue funding up to Series A.
Arazan is also hinting at some additional surprise perks for those accepted that will only be revealed once the platform launches.