Middle East Technology Companies Pitch For US$10m As Part Of ‘Cloud 10’ Programme

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COMPANIES TRAVEL TO LONDON FOR SERIES OF MEETINGS WITH HIGH PROFILE TECH INVESTORS

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London, England: Seven young technology companies from the GCC region travelled to London, UK, last week to pitch for US$10m in front of a panel of investors as part of the Cloud 10 technology accelerator programme or Scalerator in partnership Tamkeen, the Bahrain Economic Development Board (EDB) and powered by Amazon Web Services (AWS). Tamkeen is tasked with developing Bahrain’s private sector and positioning it as the key driver of economic development. Established in August 2006, Tamkeen is one of the cornerstones of Bahrain’s national reform initiatives and Bahrain’s Economic Vision.

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The companies pitched to a panel of high profile international investors that included: Atkins Global, HSBC Private Bank, Standard Chartered Bank Private Bank, C5 Family Offices, and C5 Cloud Partners. The companies pitched for a combined amount of US$10m. During the meetings, the companies presented their elevated business plan, requirements for investment and had a valuable opportunity to network with some of the world’s most experienced professional technology investors.

This pitch day represents the culmination of the first Cloud 10 Scalerator programme that has taken brightest, young, tech firms from across the MENA region (that are revenue generating) provided them with a highly structured 3 month programme of intensive mentorship giving them the practical tools to rapidly scale their businesses and given them access to investors.

Cloud 10 is the first and only platform of its kind in the GCC region that has been created to help young, technology firms (B2B firms including FinTech, MedTech, EnergyTech etc.) to scale-up their businesses using the cloud. The aim of the Cloud 10 programme is to create 300 EMEA technology champions over the next 4 years.

Based in London, (Cape Town, Luxembourg) and Bahrain, the Cloud 10 Scalerator programme has been developed by C5 in partnership with Tamkeen and Bahrain’s Economic Development Board, and is powered by AWS. The programme is open to companies from all over the MENA region and participants will be invited to work out of the Accelerate offices, and C5 will use its global network to provide technology and financial coaching, desktop support, and mentorship.

Cloud 10 operates as a 3 month rolling programme which is divided into a series of sprints or tutorials that cover all aspects of scaling up a technology business such as operational scaling and business planning; customer acquisition and marketing; management and governance; product development and accessing investment. The programme is delivered by a resident CTO and supported by a highly experienced group of prominent international tech entrepreneurs, business leaders and investors.

One of the core elements of the Cloud 10 programme is helping companies to scale up their operations using the ‘cloud’ (or cloud computing). The Cloud allows businesses to be operationally agile by removing the need for traditional, on-premises infrastructure (and costs) whilst at the same time increasing operational integration and giving high levels of security for back office functions. This levels the playing field, giving companies of all sizes access to enterprise-grade technology and agility, such as allowing them to scale-up (or scale down) operations in real time without the need for significant capital expenditure.

Hadyah Fathalla, Executive Director of C5, said:

“We are delighted with the outcome of the inaugural Cloud 10 programme; we have seen a diverse and highly innovative group of disruptive young technology companies mature significantly over the last 3 months. I believe there is every chance that you will see some of these companies becoming regional household names in the coming years. The Cloud 10 platform is the first of its kind in the region and the only one that provides a tailored program, consisting of one-to-one international mentors and access to this level of investors.”

Qusay Alarayedh, Executive Director of Tamkeen, said:

“It gives us great satisfaction to see the progress the C5 Cloud 10 program has achieved. Going forward, we have the utmost confidence that our investment in such a successful program is a solid step that will pave the way to making Bahrain a regional hub for accelerators. Tamkeen will continue to work with its partners to achieve its objectives of fostering entrepreneurship as its significance to the economy is not limited to creating jobs but also in nurturing and exploiting innovation.”

Teresa Carlson, Vice President, Worldwide Public Sector of Amazon Web Services, said:

“This pitch day is an exciting milestone for the Cloud 10 programme’s seven technology start-ups. These companies will come together from across the Middle East and Africa to share their accomplishments over the last several months, and we are so pleased to help take their innovative ideas from a vision to reality with the AWS Cloud.”

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