The two organizations have partnered to help energy, seaport operations, logistics, and shipping startups scale innovative solutions for ports and maritime technology locally and worldwide.
SAN FRANCISCO–(BUSINESS WIRE)–Global venture capital firm 500 Global and Ashdod Port Company (“Ashdod Port”), a leading port in Israel, have joined forces to launch the inaugural cohort of the Ashdod Port Accelerator by 500 Global.
Ashdod Port and 500 Global will select up to 14 Israeli startups for the accelerator program, which helps startups quickly test and validate partnership opportunities with Ashdod Port through an accelerated proof of concept over the course of five to six months.
For this first cohort, Ashdod Port is selecting startups with solutions in energy, seaport operations, logistics, and shipping. They will benefit from 12 weeks of masterclasses and coaching from 500 Global’s international network of mentors, and receive a full array of support and resources from the Port, including testing space for their products.
“Unlike traditional accelerator programs that focus on scaling and growth education, a startup that is selected for the Ashdod Port Accelerator by 500 Global will have tangible opportunities to dive straight into Proof of Concept and is on a fast-track to pilots, partnerships and integration opportunities with Ashdod Port. We are excited to be able to help startups in the maritime space expand and grow with an innovative partner,” said Ee Ling Lim, Executive Director of Global Programs, 500 Global.
“This past year demonstrated that the world of shipping and marine routes are important to the proper function of the global economy, when an estimated 90% of goods are transported by sea. We are breaking into a “blue ocean” that appears eager to absorb technology, and hope that we can bring the good news to other ports in the world. I congratulate 500 Global on their win and am delighted at this opportunity to work with them, and to help drive innovation in the marine world,” said Shiko Zana, CEO of the Ashdod Port Board of Directors.
Applications for the Ashdod Port Accelerator by 500 Global are open from January 10 to February 3, 2022. The program and proof of concept are expected to take place from March to September 2022. Interested startups can get more information and apply via https://ecosystems.500.co/ashdod-port-accelerator
About 500 Global
500 Global is a venture capital firm with $1.8B in assets under management that invests early in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. We work closely with key stakeholders and advise governments and corporations on how best to support entrepreneurial ecosystems so startups can thrive. 500 Global has backed over 6,000 founders representing more than 2,500 companies operating in 77 countries. Our portfolio includes 41 companies valued at over $1 billion and 125 companies valued at over $100 million. Our 140+ plus team members are located in more than 15 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.
About Ashdod Port
Ashdod Port, the Port of Israel, is the leading sea port of the State of Israel with a strategically advantageous location, about 40 km from Tel Aviv and close to the country’s major commercial centers and highways.
This press release is intended solely for general informational or educational purposes only. 500 Global and Ashdod Port are independent third parties. This program will be operated by Ashdod Port with 500 Startups Incubator, L.L.C. and under no circumstances should any content provided as part of any such programs, services or events be construed as investment, legal, tax or accounting advice by either party. While parties have taken reasonable steps to ensure that the information contained in this press release is accurate and up-to-date, no liability can be accepted for any error or omissions. No representations are made as to specific outcomes from relying on the contents of this press release and any third party links. Under no circumstances should any content in this press release be construed as investment advice. No content or information in this press release should be construed as an offer to sell or solicitation of interest to purchase any securities of or advised by any parties herein. This is a non-investment program, and participation in the program does not include or guarantee an investment from 500 Global, Ashdod Port or their respective affiliates. However, participation in the program does not preclude 500 Global, Ashdod Port, or their affiliates from considering future investments in a participating company.