● Celebrating the Success of Women Entrepreneurs in Tech: A Leap Towards Economic Diversification and Global Innovation.
Riyadh, Saudi Arabia – March 2024: Falak Investment
Hub and Standard Chartered Bank celebrated the graduation of the second 'SC
Women In Tech Program' cohort on February 28, 2024. This year, nine female tech
entrepreneurs completed an eight-week accelerator program. The top three
finalists were awarded $50,000 in equity-free grants, highlighting the
commitment to supporting female tech entrepreneurship in the region.
The SC Women in Technology program is an international
initiative aimed at providing assistance to technology businesses led or owned
by women. Standard Chartered provided crucial financial expertise, while Falak
contributed its deep knowledge in growing early-stage companies. By combining
Falak's wide network of investors and experts with the bank's international
reach across over 52 countries, the partnership aimed to boost innovation and
growth for entrepreneurs.
The judging panel comprised distinguished figures at the
forefront of innovation and leadership in both business and technology
communities, including Mazen Bunayan - CEO of Standard Chartered Bank Saudi
Arabia, Amal Dokhan - General Partner of 500 Global MENA, Basmah Al Sindi -
Managing Partner of Impact46, Nada Al Jeffri - Chief Risk Officer at Standard
Chartered Bank Saudi Arabia and Hussein Alattar - CEO of TechInvest. Saud
Alsabhan, Vice Governor of Enterpreneurship in the General Authority for Small
and Medium Enterprises (Monshaat) was also in attendance as an esteemed guest
speaker.
"The Women in Tech program this year has once again
highlighted the incredible potential and leadership of Saudi women and their
global counterparts in spearheading digital transformation. Our aim extends
beyond merely bolstering the vibrant tech ecosystem in Saudi Arabia; it's about
illuminating the increasing involvement and impact of women in this
sector," commented Al Dakheel, CEO
of Falak Investments.
Among the standout startups in this cohort were: Afsih, a
communications-based assistive technology; AVA, a multi-store hospitality
ecommerce platform; Tarkeez, an AI productivity and time management app; Rodud,
a logistics technology utilising data to enhance efficiency, decision-making,
and communication; ShopIT, a personalised online shopping platformCrew KSA, a
talent resource acquisition platform; FinCart, a connection platform for
merchants to shippers; 360Moms, an AI health and parenting chatbot; and
Rafah.AI, an AI Chatbot for mental health support.
Finalist Norah Alghusun, CEO and Co-Founder of Afsih,
the initiative which took the top spot in this years cohort said, "This
achievement is surreal, leaving me both humbled and immensely proud to be
chosen as the 1st winner out of all the 8 other exceptional entrepreneurs. The
program was filled with shared knowledge and mutual support, highlighting the
vibrant social fabric unique to our cohort and that what a community is. Adwa’s
guidance was an instrumental for us, enriching our path with invaluable insights.
Thankful for my team’s relentless dedication and hard work. Our achievements
are a testament to their commitment. I’m deeply appreciative of Standard
Chartered Bank and Falak Investment Hub for spearheading this initiative. Their
unwavering support has been crucial to our growth and success throughout this
journey and with this prize it’s certainly going to accelerate our path towards
the next level.”
Falak Investment CEO, Al Dakheel continues, "This
cohort of dynamic female entrepreneurs exemplifies the critical role women are
assuming as innovators and leaders in technology, and the brilliant potential
of contributions of women in this emerging technological ecosystem of Saudi Arabia.
Their contributions are not just shaping the present but are paving the way for
a future where female-led tech start-ups are at the heart of global
technological advancement. Through our partnership with Standard Chartered
Bank, we're not only celebrating the achievements of these women but also
reinforcing our shared commitment to nurturing a diverse and inclusive tech
industry."
Mazen Bunyan, CEO Standard Chartered Bank Saudi Arabia,
said “We would like to congratulate all the participants and especially the
winners in the second year of Standard Chartered’s Women In Tech (“WiT”) KSA
Program. Standard Chartered Women in
Tech Incubators support female-led entrepreneurial teams with business
management training, mentoring, and seed funding.
“Increased diversification of income and resources away from
oil, demand for digital-led services, and business-friendly models are some of
the key drivers leading to increased entrepreneurial activity in Saudi Arabia.
We are proud to have cooperated with Falak Investment Accelerator and introduce
the “Women and Technology” program to the Kingdom. We would like to note that
the spirit of diversity and entrepreneurship are values that we celebrate at
Standard Chartered Bank, and we hope that by providing support and guidance in
the early stages we can help women succeed and become leaders in job creation.
We are confident that by working with our strategic partners, we will be able
to unleash great potential, by creating an enabling environment for aspiring
female entrepreneurs,” He continued.
The SC Women in Tech initiative reflects the Kingdom's
dedication to empowering female entrepreneurs and equipping them with the
necessary tools for success. Saudi Arabia remains committed to developing its
technology ecosystem, an essential component of its Vision 2030 economic
strategy to lessen its oil dependency. Since its launch in October 2014, the SC
Women In Technology incubators have broadened their reach to ten countries
globally, offering extensive resource and mentorship to women participating in
the program across these nations. In November 2022, Saudi Arabia launched its
first cohort, and we are proud to continue this tradition by celebrating the
graduation ceremonies of the second cohort this year.
In the upcoming period, the Kingdom can anticipate LEAP
Conference 2024, the third instalment of the MENA regions premier tech event.
Centred around future technologies, digital entrepreneurship, and tech
startups, Falak's involvement aims to utilize Saudi Arabia's leading position
in the regional digital market to showcase and enhance investment and
developmental prospects.
Women in Technology was first launched in October 2014 by
Standard Chartered Americas as a local community project. Since 2014, Women in
Tech has scaled up to support female-led start-ups across 9 markets in the
Africa and Middle East region: in Bahrain (2020), Ghana (2020), Kenya (2017),
Nigeria (2019), Pakistan (2019), Saudi Arabia (2022), UAE (2019), South Africa
(2023) and Zambia (2020). The programme has reached a total of 1,712 women and
engaged 339 businesses. 61 enterprises. Over 1.184 jobs created through WIT.
Keep an eye for upcoming announcements for Falak Investment
Hub’s soon-to-launch sustainable innovation at @falakhub across social media
channels. To learn more about Falak Investment Hub, its programs and the
Standard Chartered Women In Tech Program, reach out via partnerships@falak.sa
or comms@falak.sa.
[Falak Boiler]
Falak Investment Hub, headquartered in Riyadh, is a
fully-fledged investment firm committed to nurturing innovation and advancement
within the tech startup landscape of the MENA region. Established in 2018 by
Aldakheel, Falak has been instrumental in enabling the progress of emerging
enterprises, providing support through its array of growth services,
partnerships, and business development resources. By offering both in-kind and
direct funding, facilitating access to strategic investors and partners, and delivering
tailored training and workshops, Falak Investment Hub has effectively bolstered
the expansion of over 30 tech startups based in the MENA region. These startups
collectively hold a market capitalization of 1.13 billion SAR, boasting an
average growth rate of 350%.
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Boiler]
We are a leading international banking group, with a
presence in 52 of the world’s most dynamic markets and serving clients in a
further 64. Our purpose is to drive commerce and prosperity through our unique
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