BADIR and MANAFA sign an agreement to provide collective financing solutions to start-ups
King Abdulaziz City for Science and Technology (KACST), represented by Badir Program for technology incubators and accelerators, has signed a Memorandum of Understanding (MoU) with Manafa Capital Company, the first financial technology company licensed by the Capital Market Authority, to facilitate the financing of start-up technology companies, incubated by Badir Program through Manafa Platform .
Under the agreement, Manafa Capital Company will solicit investors for entrepreneurship projects and start-ups, which investment tours are guided by Bader. Further, the program will provide Manafa with a list of the companies which have the desire to obtain collective finance, in order to examine the possibility of incorporating them into the collective finance platform.
The Memorandum of Understanding allows Bader to study the projects listed on the platform and to explore investment opportunities within its new strategic plan based on investment in the program's outputs from promising technology companies. Additionally, Manafa will support the technology start-ups within the context of this cooperation which are incubated by Bader with specialized workshops to introduce the concept of collective finance.
In this regard, Nawaf Al Sahhaf, CEO of the Badir Program for Technology Incubators and Accelerators, stressed that this step is in line with the strategy of the program to facilitate access to financing by start-up technology companies to support their growth, particularly that the lack of funding for start-up projects in Saudi Arabia is a major obstacle and challenge in the current stage.
Al Sahhaf said that the agreement with Manafa Capital Company will contribute to providing new and flexible financing opportunities for the start-up companies incubated by the program, especially as the collective financing solutions are of the modern areas in providing finance based on modern technologies.
On the other hand, Abdul Aziz Al-Adwani, CEO of Manafa Capital Company, said that the strategic partnership with Badir Program will provide funding for poineering and promising small and medium-sized enterprises (SMEs), especially those incubated by the program. Manafa will give investors opportunity to share in funding of such companies against a share in their shares, through the portal owned and supervised by Manafa Capital Company.