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

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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.

UK Lebanon Tech Hub
The Nucleus 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.


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