MENA – PepsiCo, an American multinational food, snack, and beverage corporation, has joined forces with other organizations to unveil the Mega Green Accelerator, a platform open to start-ups in the Middle East and North Africa (MENA) region.
Launched concurrently with the COP28 climate summit in the United Arab Emirates, the accelerator seeks to support businesses focusing on circular economy solutions, clean energy transition, and climate mitigation technologies, including water and agriculture.
Collaborating with PepsiCo in this venture are Saudi chemicals group Sabic and Dubai-based business support organization AstroLabs, which will oversee the operations of the accelerator.
The initiative will not only provide seed funding and mentorship to selected start-ups but will also grant access to influential business leaders in the region.
While specific financial details of the project remain undisclosed, the initiative responds to a critical need. The Middle East is experiencing climate warming nearly two times faster than the global average, yet the region has seen limited support and investment in sustainability innovation.
Eugene Willemsen, CEO of PepsiCo’s operations in Africa, the Middle East, and South Asia, said; “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.”
He emphasized the potential for scaling homegrown solutions in the MENA region and the critical role the initiative plays in connecting entrepreneurs with resources, networks, and support.
Backing the project are investors Dubai Future District Fund, Venture Souq, and Shurooq Partners.
Leading academic institutions and entrepreneurship clubs, including London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, Sharjah Research Technology and Innovation Park, and the Mohammed VI Foundation for Environmental Protection, will assist in sourcing applicants through their networks.
In a testament to its ongoing dedication to fostering innovation and sustainability, PepsiCo continues to spearhead accelerator initiatives on a global scale.
In Europe, the company has successfully implemented its Greenhouse programme, which debuted in 2017 as the first of its kind in the region.
Earlier this year, the multinational corporation extended its reach by launching a sustainability-focused accelerator in the dynamic Asia Pacific market.
Concurrently, PepsiCo’s Doritos brand has teamed up with Danish flavour innovation firm Empirical to unveil a new alcoholic beverage dubbed, Empirical x Doritos Nacho Cheese spirit.
According to Frito-Lay North America, which operates the Doritos brand in the US, the new product offers a ‘multi-sensorial, delicious beverage experience’, which brings the ‘iconic flavour of Doritos Nacho Cheese Chips into the spirits aisle’.
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