24/11/2016

Seven young entrepreneurs from the technology sector pitched in front of a panel of investors in London for potential investments in their businesses as part of the C5 Cloud 10 technology accelerator programme or Scalerator in partnership with Tamkeen, the Bahrain Economic Development Board and powered by Amazon Web Services (AWS).

The entrepreneurs pitched to a panel of high profile international investors that included: Atkins Global, HSBC Private Bank, Standard Chartered Bank, C5 Family Offices, C5 Cloud Partners and AWS Venture Capital Programme. During the meetings, the entrepreneurs presented their elevated business plans, 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 bright, young, tech savvy entrepreneurs and 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.  The first batch started the programme in September and ends with a pitch day in London and a subsequent pitch day in Bahrain which will be taking place in December.  Another batch is set to start in January 2017.

Qusay Al Arayedh, 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 of 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."

Cloud 10 is the first and only platform of its kind in the GCC region that has been created to help young, technology enterprises (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. The programme is open to enterprises 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.

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.   

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. Tamkeen constantly works to support private sector enterprises to overcome challenges and difficulties that hinder their development. Through funding this project, Tamkeen believes that it has collaborated with strategic partners who can offer a unique opportunity to enterprises enabling them to access an array of AWS services, a global platform, and a wide network of professionals who offer enriching mentoring and coaching services.  It is believed that the project will play a role in creating a cloud ecosystem in Bahrain that will support innovation and provides opportunities and access for entrepreneurs to scale and compete on a regional and global level.    Companies interested in applying for the programme can contact Tamkeen or C5 Accelerate for more information concerning the application process.

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.

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.”