Saudi Arabia - Flat6Labs, a seed and early-stage venture capital company, has partnered with The Saudi Venture Capital Company (SVC) to establish a new seed programme and fund to support early-stage entrepreneurs in Saudi Arabia.
With a size of SAR 150 million, Startup Seed Fund will enable the growth of more than 20 Saudi innovative startups over the next three years, according to a press release on Sunday.
The fund will invest between SAR 750,000 to SAR 1.5 million in each company, alongside follow-on funding to help companies expand inside and outside the Kingdom.
Meanwhile, the four-month Flat6Labs Riyadh Seed Programme will be convened twice a year for over three years as part of the fund.
The programme aims to enable entrepreneurs to develop their business skills, build their products, test market fit, improve their business models, and partner with external investors.
The CEO of SVC, Nabeel Koshak, said: "This product was developed to foster the growth of the venture capital ecosystem in Saudi Arabia at all stages, in an effort to fill a funding gap that resulted from the focus of venture capital funds and angel investors on investments beyond the seed stage."
Meanwhile, the CEO of Flat6Labs, Ramez El-Serafy, commented: "We look forward to launching the Flat6Labs Riyadh Seed Program, a program dedicated exclusively to accelerating the economic transformation in Saudi Arabia, being the location of our first regional expansion out of Egypt."
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