During Leap – Falak Investment Hub and Roots Ventures Launches Flagship: ClimateTech – Investment-Backed Accelerator!
Riyadh, March 7 – Roots Ventures and Falak Investment Hub are accelerating sustainable innovation together and announced a collaborative agreement to launch an investment-backed accelerator “Flagship: ClimateTech“. Following on the path of Falak’s renowned sector-agnostic accelerator program “Flagship”. This time the Flagship has become a vertical-focused and is designed to fast-track the entry of startups offering technological solutions to mitigate the impact of climate change, leveraging Falak’s expertise in entrepreneurship innovation and growth, alongside Roots Ventures’ experience in venture building within the sustainability and climate technology sector.
This partnership aims to support the Kingdom’s climate objectives and address the significant need for climate technology amidst the climate change effects on the Middle East and North Africa region, which experiences temperature increases at double the rate compared to other world regions. Furthermore, there’s an urgent need for funding projects and technologies that will effectively reduce the climate change impact on the Kingdom and globally.
Ahmed Alsaidlani, CEO of Roots Ventures, emphasized the importance of such accelerators for localizing climate technology, building local capacities, and finding quick and effective solutions to environmental crises and climate change challenges both locally and globally.
Adwa Al-Dakheel, CEO of Falak Investment Hub, stated her commitment to supporting various startups to foster the growth of the business sector in the Kingdom, prioritizing noble causes that benefit both society and the planet.
The Kingdom of Saudi Arabia has pledged to reduce carbon emissions in alignment with the Paris Climate Agreement, aiming for net-zero by 2060. Following this commitment, it has launched several national initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, alongside plans to transition to 50% clean energy and numerous ambitious targets as part of its continuous efforts towards a sustainable environment and a healthy climate for its citizens and the global community.
