The fund is aimed at any company that is looking to launch a product within the music and AV space. It could be a company in the Middle East region developing a product with the aim of making it global or vice versa.
NMK Electronics, a well-known AV distributor in the GCC, has launched NMK Ventures, a new initiative aimed at funding technology start-ups in the Music and AV industry. NMKs Chief Operating Officer, Alex Kemanes, will head the initiative.
Speaking about the prime eligibility criteria for funding, Alex explained: We have a dedicated fund for startup companies that are developing new technologies within the Music and AV sector and its not limited to the Middle East. It could be a company in the region developing a product with the aim of taking it out or vice versa. We would make a cash investment in return for equity in the startup and the amount of funding provided would depend on the nature of the project. Companies across the world can approach us if they are developing either hardware, software, or even technologies related to logistics as long as it is intended for the music industry or the AV segment.
Besides funding, NMK will also be able to connect startups by leveraging their network and sharing industry insights utilizing their extensive experience and also help them with other parts of the chain including distribution.
Right now, there are so many new products and brands entering the market and we want to invest in the companies that have the potential to go global and be the next market leaders in five or ten years from now.
Startups may contact the NMK Ventures team through its web site to know more or submit their pitch.