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Sheraa launches $1 mn fund to help startups cope with the pandemic

Sheraa is part of Sharjah's initiative to build a sustainable startup ecosystem in the emirate

The Sharjah Entrepreneurship Centre (Sheraa) has launched $1 million solidarity fund to help startups cope with implications of Covid-19 pandemic. The fund has been established with an aim to support startups during this time. 

Sheraa is part of Sharjah’s initiative to build a sustainable startup ecosystem in the emirate.

It is currently headquartered t the American University of Sharjah. Najla Al Midfa, CEO of Sheraa, told the media, “The $1 million Solidarity Fund reflects Sheraa’s ongoing commitment to supporting our entrepreneurs, especially those struggling to cope with the challenges that COVID-19 imposes. We believe that the entrepreneurial community will play a critical role in the recovery of our society, and so these grants will be used not only to help our startups survive, but also to enable founders to develop solutions that will create a better future for our world.”

Sheraa was launched in 2016 as a non-profit organisation to build a good support system for entrepreneurs in the emirate. It comprises four programmes well suited to all stages of entrepreneurship. These programmes include  Idea Lab, Pre-seed, Seed and Series A, media reports said. Idea Lab is quite significant to entrepreneurs because it analyses their business models and ensures proof of concept. 

Today, the organisation has successfully built more than 10,000 entrepreneurs and players in the ecosystem. It is reported that more than 100 startups have participated and graduated in Sheraa’s programmes, with over $35 million in revenue and over $50 million in investment, media reports said. The highlight of Sheraa is that it has created over 600 jobs. 

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