Danish Refugee Council partners with BeyondCapital to support refugee-lens entrepreneurship
- The Danish Refugee Council (DRC) has partnered with BeyondCapital to launch an initiative to support startups with refugee impact in Jordan.
- The partnership stipulates granting BeyondCapital funding from DRC to be invested in a pool of early-stage companies which are serving refugee communities, are founded by refugees or employ refugee youth.
- Established in 2017 through a joint partnership between Endeavor Jordan and Silicon Badia, BeyondCapital is an ecosystem enabler that aims to bridge the gap in early-stage funding. Meanwhile, the DRC aims to assist refugees and internally displaced persons across the globe.
- Startups will be reviewed through a multi-step selection process. Potential startups will be granted an investment amount of up to $40,000, along with access to mentorship from BeyondCapital, networking and technical assistance.
An agreement between Danish Refugee Council (DRC), under the RYSE project, and BeyondCapital was announced on 23 August 2022, in a mission to support startups with refugee impact in Jordan. BeyondCapital will receive a grant from DRC/RYSE to be invested in a pool of early-stage companies which are serving refugee communities, are founded by refugees or employ refugee youth. The overarching goal of this initiative is to support the commercial growth of these impactful businesses through tailored business development and investment readiness assistance, and in turn, scaling of impact.
Established in 2017 through a joint partnership between Endeavor Jordan and Silicon Badia, Beyond Capital was seed granted by USAID and is an ecosystem enabler that aims to bridge the gap in early-stage funding by focusing on three main stakeholders in the ecosystem that are essential for a healthy and functioning startup environment. Beyond Capital’s three-pillar approach addresses challenges faced by entrepreneurs, fund managers, and angel investors. These three players work synergistically and harmoniously to create a thriving scene.
The Danish Refugee Council assists refugees and internally displaced persons across the globe. The organization provides emergency aid, fights for their rights, and strengthens their opportunity for a brighter future. RYSE is an ambitious partnership which was established to incrementally develop and mobilize a dynamic, powerful, multi-stakeholder initiative. RYSE seeks to empower at least 25,000 displaced and conflict-affected youth to become the much-needed positive change agents in a region marred by conflict and political instability. The project is led by DRC in partnership with Generations for Peace (GFP), INJAZ, Jordan River Foundation (JRF), and Mercy Corps (MC). It is funded by the Novo Nordisk Foundation (NNF).
Rima Al Qaisi, Chief of Party of RYSE project, said: The strategic investment allocation links to the RYSE objective of creating an enabling and youth inclusive environment. This objective, which sits specifically under the private sector engagement strategy of RYSE, seeks to engage relevant private sector stakeholders to accelerate job creation and employment for youth in Jordan.
Through this collaboration, BeyondCapital will disburse the grant through direct investments in a pool of impactful start-ups, in an effort to support refugee-lens entrepreneurship and scale existing approaches to supporting businesses with refugee impact. BeyondCapital will apply best practices in filtering and evaluating the potential companies and will accordingly select up to seven early-stage companies to invest in.
Tamer Al-Salah, Managing Director of BeyondCapital, said: “This partnership with DRC/RYSE marks a remarkable milestone in helping fill the investment gap for early-stage social enterprises. We are happy to see more donors adopting new support mechanisms through private sector investments which will in turn help promote a healthy and sustainable method of support to early-stage companies.
Startups will be reviewed through a multi-step selection process, concluding with an investment committee composed of industry experts and representatives from DRC/RYSE, which will assess the potential startups and their eligibility for receipt of investment. Once the due diligence process is completed, BeyondCapital will invest a maximum of $40,000 in each promising startup. The selected pool of startups will receive access to exclusive mentorship from BeyondCapital, in addition to networking and technical assistance, as part of the support component embedded in the agreement.