Flat6Labs launches $20 million Startup Seed Fund in Saudi Arabia
In Egypt, 2011 Flat6 Labs was founded, it is a seed and early-stage venture capital company that handles a numeral of seed funds within MENA, with entire Assets Under Management) of over $85 million.
In Saudi Arabia, Flat6Labs announced its 1st close of the “Startup Seed Fund” with the participation of the Saudi Venture Capital Company (SVC), a subordinate of the Small and Medium Enterprises (SME) Bank, one of the development banks associated with the National Development Fund, and the “Jada” Fund of Funds, fully possessed by the Public Investment Fund (PIF).
The Venture Captial fund will support early-stage startups to bring a follow-up funding of $64,000 along with training programs.
SAR 75 million startup seed fund devoted to supporting the Saudia Arab Kingdom’s early-stage startups functioning in the technology and creative sectors.
Flat6Labs said, “The fund will adopt a highly diversified, systematic investment plan that aims to reduce the risks faced by venture capital and reduce the administrative and legal costs incurred by early-stage start-ups.”
Adding to it Flat6Labs said, “This will contribute to completing the structural transformation that the kingdom aspires to by increasing the share of the digital economy in GDP [gross domestic product] and enhancing the contribution of the non-oil private sector.”
Through this fund, will acquire a positive systematic, and diversified investment plan. So that the risk faced by VC and to minimize the legal and administrative costs earned by early-stage startups.
For more than 180 entrepreneurs, the fund seeks to grow its capacities. In the Saudi Arabia Kingdom, more than 6,000 jobs have been formed in the private sector. While allowing saudi organizations to grow in the area via Flat6Labs regional offices.
Through these funds, the aim of the Kingdom will be achieved by modifying the structure, enhancing the assistance of the non-oil private sector, and improving the percentage of the Digital Economy in GDP.
Saudi entrepreneurs are supported by Flat6Labs. In Riyadh, the second rotation of the Flat6Labs seed program has started accepting applications.
In Saudi Arabia, the new batch of startups is being backed by programs. Its aim is to provide the chances for investment and expanding offerings to startups in North Africa and the Middle East region.