SAP Announces Tel Aviv Startup Accelerator
The Tel Aviv chapter of the SAP.IO Foundry accelerator program will join existing accelerators in Paris, Berlin, Munich, New York City, San Francisco, and Tokyo
Amarelle Wenkert | 11:26 08.03.2019
Multinational enterprise software company SAP SE announced on Thursday the opening of its first Tel Aviv-based accelerator program, SAP.IO Foundry. Operating under SAP’s early stage venture arm SAP.IO, the Tel Aviv program is designed to support early stage business-to-business (B2B) startups. In July, SAP.IO will launch a 12-week program for up to 10 startups which will receive mentorship and access to SAP’s data, technology, and customer base. SAP already operates its foundries program in Paris, Berlin, Munich, New York City, San Francisco, and Tokyo. Calcalist reported that SAP.IO has opened an office in Tel Aviv with the purpose of scouting local startups for investment.
SAP first established a presence in Israel in 1998 with the opening of a research and development centers in Tel Aviv and central Israel city Raanana. In 2017, SAP bought Israel-based customer identity management company Gigya Inc.