There are 18 companies currently participating in 500 startups‘s 23rd Speed Accelerator cohort. Among those startups, two hail from Egypt: dating app Harmonica and mental health platform Shezlong.
500 Startup’s Seed Accelerator programme focuses on sales, fundraising and marketing. Selected startups are provided with an equity investment of $150 000 in exchange for a six percent stake of the startup. However participants are charged a $37 500 fee for participating in the programme.
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The two Egyptian startups will each receive an equity investment of $150 000 and will pitch at the Speed Accelerator demo day on 28 June
The four month long accelerator will end with a demo day set to be held on 28 June.
Harmonica was founded last year by Aly Khaled, CEO Sameh Saleh, Shaymaa Aly, and Tamer Mohamed.
The app, which is aimed at Egyptians and other Arab users, employs an algorithm to match users with partners based on science. The company’s website states that the app has been downloaded over 52 ooo times and has facilitated 30 000 matches.
Founded in 2014 by Ahmed Abu Elhaz, Shezlong claims to be the first online psychotherapy platform in the Middle East and North Africa region.
Shezlong enables users to connect with licensed therapists via video and text on both mobile and web platforms.
The startup was a finalist at the 2014 Microsoft Openness Competition, the 2015 MIT Enterprise Forum Arab Startup Competition. and the winner of the 2015 BDL Early Stage Competition.
Last month the Giza-based startup raised $350 000 in funding round led by 500 Startups, Endure Capital, HIMangel, Hadeer Shalaby and Dubai-based angel investor Shiva Darawani.
In 2016 Shezlong raised $150 000 from two venture capital firms, Endure Capital and A15.
Featured image: 500 Startups via Twitter
