Lebanese Entrepreneur Launches Crowdfunding Platform for Startups in Economic Crisis

Entrepreneurs in Lebanon had barely begun to find their footing after protests took hold in the country late last year, before the Coronavirus pandemic made its way through the region, leaving lockdowns and indefinitely-suspended business in its wake.

Entrepreneur Carlos Kekwa founded YallaFund - a crowdfunding NGO - as a lifeline for Lebanese startups, first born out of Kekwa’s attempt to save his online home repair startup, ClickFix.

“With the revolution in Lebanon, it started to be difficult for us,” says Kekwa. “And I wanted to use crowdfunding as a way to secure at least half of our salaries, and be able to continue operating. And I thought that I could use this platform to help other startups in the country as well.”

All Lebanese companies who can prove to be at least a year old according to their taxes are eligible to join YallaFund, where each company gets a separate account for people to donate into.

“Between the downfall of oil prices and the suspension of capital ventures coming from the Gulf countries, startups in the region might suffer in the coming months,” Kekwa continues. “YallaFund can serve as an example of a solidarity economy that could help Lebanese entrepreneurs, but also the rest of the world.”