PepsiCo, the American food and beverage conglomerate, has collaborated with various organizations to introduce the Mega Green Accelerator, accessible to startups in the Middle East and North Africa.
Timed to coincide with the COP28 climate summit in the United Arab Emirates, the accelerator aims to support businesses concentrating on circular economy solutions, clean energy transition, and climate mitigation technologies, including water and agriculture. A statement announcing the initiative emphasized that selected start-ups will be working on solutions addressing both regional and global sustainability challenges.
Partnering with PepsiCo in this initiative are Saudi chemicals group Sabic and the Dubai-based business support organization AstroLabs, which will be responsible for managing the accelerator.
Apart from receiving seed funding and mentorship, the selected startups will gain entry to “some of the most influential business leaders in the region.”
Details regarding the amount of capital contributed by the co-founders to the project and the funding allocated to the selected startups have not been disclosed yet.
A statement announcing the launch of the accelerator said, “The Middle East is warming almost two times faster than the global average, yet the support and investment for the sustainability innovation ecosystem in the region does not match this urgency.
“Since 2010, less than 50 new climate technology startups have been founded in the MENA region, compared to nearly 5,000 in Europe and the US. The Mega Green Accelerator aims to reduce this gap, foster regional collaboration and cultivate a network of MENA-based innovators addressing the most pressing sustainability challenges in the region.”
Eugene Willemsen, the CEO of PepsiCo’s operations in Africa, the Middle East and south Asia, said, “Innovators in the MENA region have incredible potential for scaling and are making important strides to develop homegrown solutions to address the unique challenges the region is facing.
“COP28 is already putting a spotlight on climate innovations coming out of the UAE and the region at large, and PepsiCo is excited to support the next generation of climate leaders through the Mega Green Accelerator. By bridging the gap between entrepreneurs and the networks and resources they need, we are committed to supporting breakthrough start-ups as they scale sustainability solutions, grow their businesses and form critical connections.”
The project is additionally supported by investors including the Dubai Future District Fund, Venture Souq, and Shurooq Partners.
The London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, the Sharjah Research Technology and Innovation Park, and the Mohammed VI Foundation for Environmental Protection will assist in identifying applicants through their networks.
PepsiCo has participated in various accelerator programs.
In Europe, the company operates its Greenhouse program, with the first European launch dating back to 2017. Earlier this year, the group initiated a sustainability-focused accelerator in the Asia Pacific region.
Last month, PepsiCo revealed its plans to allocate SR200 million (then $53.3 million) toward the expansion of a snacks facility in Saudi Arabia.
The owner of the Lay’s crisps and Doritos brands announced that the investment in its plant in the eastern city of Dammam is a component of its Saudi Arabia Vision 2030 plan. This initiative aims to “enhance the Saudi agricultural sector and promote sustainable food production in the Kingdom.”