Beirut-based Speed accelerator raises an investment to further support startup in Lebanon

Beirut-based tech accelerator Speed has just raised new funding from the Central Bank of Lebanon, which they’ll be using to run its acceleration cycles for the next 3 years.

The funding round was led by the Central Bank of Lebanon through Blom Bank, Bank Audi, and Speed’s new shareholders BankMed, who’s invested Circular 331 funds into the accelerator for the next 3 years.

Speed was launched in 2015 by investment funds and entrepreneurship support organizations including Middle East Venture Partners (MEVP), Berytech Fund II (BFII), IM Capital, Lebanon for Entrepreneurs (LFE), and Bader.

Sami Abou Saab, Speed’s CEO commented on the new funding saying: “With this new round of funding, we took the opportunity to update the accelerator’s brand identity, revamp our working space in BDD, and improve our startup offering by providing the founders with the same high-quality acceleration program and financial support in exchange for only 5% equity in common shares, a better value for money than ever before.”

So far, Speed has run 5 acceleration cycles, invested in 34 startups who raised more than $2.2M, and also created 500+ jobs in the country! Awesome right? Not only that, but the accelerator shared that will continue to receive the same high-quality support for reduced equity of 5% instead of 10%.

In case you’re wondering what the accelerator offers to software startups- they offer $30K in financial support, an intensive 3-month membership-driven program that includes in-house mentorship, membership form experts, in addition to workshops, access to a network of investors, and free working space at Beirut Digital District (BDD).

See Also

Speed’s 6th acceleration program kicks off in April, hurry up and apply before March 22nd.

For more information, read here.

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