Kuwait’s Arzan Venture Capital plans to launch a pre-seed platform to fund idea-stage startups that have a minimum viable product (MVP) but are yet to elicit traction.
Startup founders willing to log onto the platform will have to upload a pitch deck and tick certain criteria boxes. If approved, they will receive $25,000.
The founder will then need to secure a technical co-founder and approach angel investors to raise an additional $25,000.
Once the startup is part of the program, it can expect funding up to Series A round.
Arzan Venture Capital is a venture capital arm of Arzan Financial Group for Finance and Investment, specializing in investments in early stage and mid-venture startups.
The firm was founded in June 2013 and is based in Kuwait with an additional office in Dubai.
The firm seeks to invest in small and medium enterprises but does not in e-commerce or hardware. It invests in core-technology businesses in the MENA region, Europe, and the US.
The firm seeks to hold its investments in its portfolio companies for three to seven years.
In September 2016, Arzan VC invested in Dubai-based productivity startup Wrappup in a seed round led by BECO Capital.