UK Lebanon Tech Hub Gets US$3.2 Million Boost To Accelerate Lebanese Tech Startups

UK Lebanon Tech Hub Gets US$3.2 Million Boost To Accelerate Lebanese Tech Startups
Image credit: UK Lebanon Tech Hub

In the spirit of fueling the growth of Lebanon’s ecosystem further, the UK Lebanon Tech Hub (UKLTH) has launched The Nucleus, a venture building program whose objective is to turn tech ideas and minimal viable products into marketable solutions- and it commences with offering financial support too. The Central Bank of Lebanon will fund the UKLTH with US$3.2 million -in parallel to the fund pledged by the UK Embassy- totaling its funding to $6.4 million, as announced by Nicolas Sehnaoui, Chairman of the UKLTH during the launch.

From 176 applications, with 37 applicants from outside Lebanon, 20 startups were chosen to attend a week of product development workshop. After a week, a final selection of six startups were shortlisted to join The Nucleus’ full three-month acceleration program. The six startups would receive an investment of $20,000 in cash and $30,000 in services, in return for a 5% equity stake. Over the course of three months, startups would undergo workshops on finance, legal structures, raising funds, marketing and sales, as well access to office space, legal and auditing services support and HR services. After the program, alumni startups can still receive support through facilitating partnerships and potential investments.

THE SELECTED STARTUPS

DOX An energy startup offering predictive maintenance algorithm to monitor the performance of drones.

HANDISS A platform for engineer and architect freelancers in the construction sector.

IMAGINEME An online publishing platform utilizing augmented reality to create personalized children’s book.

JALEESA A tech-driven platform connecting parents with verified caregivers.

LGALX A platform offering legal answers and services using AI and blockchain tech.

NOTIFER An app aiming to boost your memory and productivity with actionable reminders. 

Related: Flat6Labs Beirut Launches US$20 Million Seed Fund

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