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Riyadh, KSA : Reaffirming its commitment to contributing to the development of a thriving entrepreneurial ecosystem in Saudi Arabia, Flat6Labs, MENA’s leading seed investor and the largest manager of startup programs in the region, has announced a new partnership to create further opportunities for entrepreneurs. The new initiative will build on the firm’s shining achievements in the Kingdom, including its support for more than 400 startups through investment or training and the creation of nearly 200 jobs.
Flat6Labs has been playing a key role in the sustainable development of entrepreneurship in Saudi Arabia since 2013. It has partnered with Qotuf AlRiyadah, Misk Innovation, and Fintech Saudi to launch startup accelerators and provide funding support and training to startups in the Kingdom. Together with its partners, Flat6Labs offered SAR 10 million in follow-on funding to 40+ startups and trained 350 enterprises between 2013 and 2019. Most recently, the Fintech Accelerator program, launched in 2020 by Fintech Saudi and powered by Flat6Labs, supported 10 fintech startups, creating 200 employment opportunities.
Following these outstanding achievements, Flat6Labs has launched Ignite, an attractive seed and early-stage funding opportunity for startups, paving the way for lucrative entrepreneurship avenues in the UAE. Launched in partnership with DisruptAD, ADQ’s venture capital platform, the USD 32 million (SAR 122.5 million) initiative will invest in 20 startups per year over a three-year period and is poised to create a significant impact for entrepreneurs from the wider region and beyond.
Ramez El-Serafy, Flat6Labs CEO, commented: “The Middle East, particularly Saudi Arabia, has been witnessing an entrepreneurship boom since the last few years and we at Flat6Labs are proud of our contributions to the development of an enabling entrepreneurial ecosystem in the region. Through our new initiative with DisruptAD and our ongoing programs, we aim to enable aspiring entrepreneurs in the region to take their early-stage ventures to the next level of growth and expansion. We are confident that Ignite will drive innovation, energize promising industrial sectors and create more jobs, accelerating economic diversification in the region and contributing to its sustainable prosperity.”
Ignite will engage with Abu Dhabi-based institutions to create synergetic opportunities for its startups within key strategic focus sectors for ADQ. Participating companies will benefit from a seed fund ticket worth up to USD 150K (SAR 562.5K), together with follow-on funding ranging from USD 200K (SAR 750K) to USD 500K (SAR 1.87 million). Each will also receive tailored support designed to help them effectively scale and grow their businesses, together with access to numerous business opportunities across diverse industries in the UAE capital.
Applications for the first cycle will be open until the 30th of April 2021. To find out more about Flat6Labs, please visit www.flat6labs.com
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© Press Release 2021
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