Investment initiative launched by Flat6Labs in Riyadh's Seed Program, funneling capital into 10 innovative Saudi startups.
In a significant move to bolster the Saudi Arabian startup ecosystem, Flat6Labs, a leading venture capital firm in the MENA region, has announced the launch of its Riyadh Seed Program. This initiative is designed to invest in and support early-stage Saudi startups, with the goal of helping entrepreneurs launch and scale their businesses in line with the Saudi Vision 2030 goals.
The Riyadh Seed Program is part of Flat6Labs' broader mission as the leading entrepreneurship platform in emerging markets. The program offers seed funding, acceleration services, and tailored innovation services, aiming to address funding gaps at the critical seed stage and foster innovation and entrepreneurship that contribute to the regional ecosystem growth.
Flat6Labs expanded into Saudi Arabia in 2013 with the goal to help Saudi entrepreneurs launch and scale businesses regionally and globally, aligning with Vision 2030's aim to raise the SME contribution to GDP from 20% to 35%. The program is integrated with the newly launched F6 Ventures, which manages significant seed-stage investments (over $90 million in assets) to address funding gaps at pre-seed and seed stages across the Middle East and Africa, including Saudi Arabia.
The first cohort of the Riyadh Seed Program includes 10 startups: YGII, HORIZOONX, UniPal, The Architect, BALLURH. These startups represent a diverse range of industries, including e-commerce, retail, fintech, Edtech, and legal services.
YGII is an e-commerce wishlist application that simplifies social commerce and ensures people get the gifts they want while staying on budget. HORIZOONX is a B2B platform for building and managing F&B businesses, providing a seamless operational experience by digitizing services. UniPal is a student benefits application that provides discounts on various products through digital student IDs. The Architect is a Contech platform that integrates technology into the construction sector, offering service provider matchmaking, guidance, and technical support. BALLURH is a SaaS Martech platform that provides business intelligence solutions for retailers to enhance decision-making, increase revenue, and improve customer satisfaction.
The Riyadh Seed Program is a four-month initiative to help startups build products, test the market, improve business models, and pitch to external investors. The program offers mentorship, networking opportunities, and access to a wide range of resources to help startups grow and succeed.
In addition to the Riyadh Seed Program, Flat6Labs has been actively investing in the Saudi Arabian startup ecosystem. Recently, they announced investments in gaming studios through Saudi VC Investment46, Breadfast as part of Series B2, and the restructuring of Flat6Labs under the new F6 Group with a dedicated VC arm F6 Ventures. The agreement between Flat6Labs and SVC introduced the Startup Seed Fund, which aims to support the growth of startups and annually provide over 20 Saudi startups with financing over three years.
Other notable startups in the Saudi Arabian ecosystem include Bynow, a fintech startup offering innovative B2B payment solutions, including Buy Now Pay Later (BNPL), to marketplaces, manufacturers, wholesalers, and SMEs. Zamn is an Edutech platform that allows users to build websites, sell courses and digital products, and host communities. MINNHA is an Edtech platform that enables students to directly apply to educational institutions and start campaigns to crowdfund and pay for their tuition. Baeynh is a legal consultation marketplace that connects clients with certified lawyers and legal advisors through its application.
The Riyadh Seed Program is part of a bigger investment agreement between Flat6Labs and Saudi Venture Capital (SVC). This agreement underscores Flat6Labs' commitment to supporting the growth of the Saudi Arabian startup ecosystem and contributing to the region's economic development in line with the Saudi Vision 2030 goals.
- The Riyadh Seed Program, launched by Flat6Labs, is not only designed to invest in and support early-stage Saudi startups but also aims to foster innovation and entrepreneurship in the technology sector, contributing to the growth of the regional business ecosystem.
- Flat6Labs, through its partnership with Saudi Venture Capital (SVC), has been actively investing in various sectors, such as fintech, Edtech, and legal services, with the goal of supporting the growth of startups and aligning with the Saudi Vision 2030's aim to boost the economy.
