The Sharjah Entrepreneurship Center (Sheraa), has pledged a $1 million dollar solidarity fund to help startups that are under strain due to the coronavirus pandemic.

The fund will be distributed through equity-free grants and commissioned projects.

Najla Al Midfa, CEO of Sheraa, said: "The $1M 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,” Al Midfa added.

The grant has been issued in place of Sheraa’s annual events for 2020 that have been cancelled due to the outbreak.

Over 100 startups have graduated from Sheraa’s programmes, generating over $35 million in revenue and raising over $50 million in investment, according to its recent statements.

(Writing by Seban Scaria; Editing by Anoop Menon)

(seban.scaria@refinitiv.com)

 

#CORONAVIRUS #SHARJAH #STARTUP

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