Three Saudi Arabia-based female-led startups have been awarded $50,000 in equity-free cash rewards, as part of the Standard Chartered Women in Tech programme initiated by Saudi investment firm Falak Investment Hub.
The global ‘Standard Chartered Women In Tech’ initiative is aimed at helping female entrepreneurs establish scalable digital businesses to contribute to the country’s economic diversification efforts. It is currently present in 7 countries, where Saudi Arabia is the latest addition.
Mazen Al Bunyan, CEO of Standard Chartered Saudi Arabia, said, “The talent exhibited by Saudi women throughout this 8-week program has been extraordinary. We are immensely proud and honoured to have played a pivotal role in facilitating the digital transformation of business start-ups in line with the objectives of Saudi Vision 2030. As part of our global initiative, SC Women in Tech, we have successfully launched this program in Saudi Arabia, making it the seventh market within our network to offer such an opportunity”. “Our collaboration with Falak Investment Hub has been invaluable in shaping and executing the program in the Kingdom of Saudi Arabia.
The entrepreneurs, who underwent an 8-week incubator programme, showcased innovative ideas in various sectors, including fintech, health tech, property tech, and edutainment.
The top three startups were awarded $50,000 in equity-free cash rewards, with the first-place winner Sahm receiving $25,000, second-place Nqoodlet receiving $15,000, and third-place Chefaa receiving $10,000.
All participating startups were granted educational opportunities on key entrepreneurship topics, guidance, and mentorship. Standard Chartered team provided financial and banking services expertise to the startups, while Falak utilized its experience in identifying and nurturing early-stage companies. The partnership used Falak’s vast network of investors, mentors, and industry experts, while also granting startups access to the Bank’s worldwide presence, which extends across more than 60 countries.
Entrepreneurship holds a significant place in our community strategy, and SC Women in Tech plays a vital role in advancing this objective. I extend my heartfelt congratulations to the winners and all the participants who embarked on this journey, and I would like to express my sincere gratitude to the teams from Standard Chartered and Falak Investment Hub for their remarkable efforts in making this endeavour a reality,” Al Bunyan added.
Commenting, Adwa AlDakheel, CEO of Falak Investment Hub, said, “We are proud to announce the conclusion of our innovative Women in Tech program in partnership with Standard Chartered Bank. The program was conceptualized to enable female founders in the tech industry all over the MENA, focusing on KSA. Through an 8-week journey, we were inspired, humbled, and grateful to have had the opportunity to work with eight powerful female founders paving the way forward with innovative tech-enabled solutions. None of this could have been possible without our amazing partners, Standard Chartered, their invaluable support and expertise played a crucial role in empowering our startups to make significant contributions to the economy of Saudi Arabia, and we look forward to continuing this partnership to create further long-term impact.”
