Flat6Labs launches seed fund worth $20M in Saudi Arabia
The VC fund will help early-stage startups receive a follow-up funding of $64,000 along with training programmes.
Early-stage VC fund Flat6Labs has announced the closure of the Startup Seed Fund in Saudi Arabia worth $20 million. The new fund is dedicated to early-stage tech startups in the region, said a press release carried by Wamda.
The fund saw the participation of Saudi Venture Capital Company, a subsidiary of the Small and Medium Enterprises Bank, and the Jada Fund of Funds, a wholly-owned subsidiary of Saudi Arabia's Public Investment Fund.
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The fund will enable startups to get follow-up funding of $64,000, along with training programmes. The fund will adopt a diversified, systematic investment plan to reduce the risks faced by venture capital and the administrative and legal costs that early-stage startups have to bear, said the release.
The fund aims to have an impact on more than 180 entrepreneurs in the country, create over 6,000 jobs in the private sector, and support the expansion of Saudi companies in the region through Flat6Labs' regional offices. This will contribute to completing the structural transformation of the country, which includes increasing the share of the digital economy in the GDP and enhancing the contribution of the non-oil private sector.
Launched in 2011 in Egypt, Flat6Labs is a seed and early-stage venture capital firm that manages a number of seed funds within MENA, with a total AUM (assets under management) of over $85 million.
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Edited by Megha Reddy