Month: November 2024

Riyadh, Saudi Arabia
November 27th 2024

Flat6Labs, MENA’s most active seed and early-stage venture capital firm, has made significant strides in supporting Saudi Arabia’s startup ecosystem, now reaching a total of 41 investments in the Kingdom through the Startup Seed Fund. Since its launch in 2023, Flat6Labs has arguably become the most active investor in Saudi startups, reflecting its commitment to driving innovation and nurturing local talent.

In our latest round, We have invested in 10 promising Saudi-based startups for the fourth cycle of the Riyadh Seed Program, spanning dynamic sectors such as transportation, e-commerce, logistics, cybersecurity, SaaS, consumer tech, and talent acquisition.

Over the course of the program, these startups receive extensive support through a four-month acceleration initiative designed to fast-track their growth, refine their market positioning, and expand their capabilities across KSA and beyond, as well as a cash investment of at least SAR 500,000. The program aims to prepare them for the next stage of their journey, including scaling their customer base, enhancing operational efficiencies, and securing strategic partnerships.

The Riyadh Seed Program is supported and funded by the Startup Seed Fund, which has received investments from the Saudi Venture Capital Company, the Jada Fund of Funds, and Riyadh Valley Company, and is managed by Flat6Labs. The program also receives support from the National Technology Development Program through its Empowering Accelerators initiative.

The fund was established to provide investors with outsized capital gains through investments in tech startups in the Kingdom of Saudi Arabia via a highly diversified and systematic investment strategy. It aims to acquire selective equity stakes in early-stage startups operating in technology and innovation sectors within the Kingdom. The fund was established to provide investors with outsized capital gains through investments in tech startups in the Kingdom of Saudi Arabia via a highly diversified and systematic investment strategy. It aims to acquire selective equity stakes in early-stage startups operating in technology and innovation sectors within the Kingdom.

The 10 New Startups in Flat6Labs’ Fourth Riyadh Seed Cycle:

CAMION: Revolutionizing freight management with a comprehensive Transportation Management System (TMS) that deeply integrates with global logistics networks to streamline first-mile operations.

Colada: A consumer-tech platform bridging affordability and quality in food ordering. Leveraging machine learning, Colada offers exclusive discounts on popular menu items while helping restaurants maximize margins.

Devsy: Devsys is a talent acquisition platform that leverages advanced HRMIS and work management modules, enhanced with AI capabilities, to streamline the vetting and management of both remote and on-site talent. Its AI product arm, NIIO, has secured major contracts to build predictive models for e-commerce and quick commerce sectors.

dPhish: An all-encompassing anti-phishing solution addressing threats through detection, proactive credential hunting, and awareness.

Hollat: Hollat is a CRM platform designed to address challenges in integration, privacy, and cybersecurity for large enterprises and the public sector, aligning with local compliance regulatory requirements. It has become the preferred choice for government entities and notable financial institutions.

Mrrha: Mrrha is a community-based online marketplace that empowers local creators and digital entrepreneurs to sell their unique products. It facilitates secure consumer-to-consumer (C2C) transactions through a validated and user-friendly experience. Key features include automated escrow services, secure payment options, and integrated shipping and listing tools. Mrrha ensures a safe and efficient process, enabling small retailers to reach a broader audience.

Fezlee: Fezlee is a shipping aggregator platform that connects merchants with the best couriers, warehouses, and all logistics needs. By streamlining logistics and offering competitive rates, it empowers businesses to expand their reach, enhance efficiency, and reduce costs.

Cyberni: Cyberni is a cybersecurity SaaS company that specializes in dark web threat intelligence. It provides innovative solutions that enhance threat detection, risk mitigation, and proactive safeguarding of businesses from emerging threats.

Units: A warehousing solution transforming the warehousing landscape with digital solutions for inventory and space management. It simplifies and optimizes inventory management processes, space utilization, and delivery management.

Zofa: Aiming to revolutionize clinic management, Zofa offers a comprehensive operations platform to revolutionize patient management and ensure regulatory compliance.

To apply for the Riyadh Seed Program, please visit: https://apply.flat6labs.com/en/riyadh-cycle-5

Cairo, Egypt – November 4th, 2024 — The Minister of Communications and Information Technology in Egypt, Dr. Amr Talaat, has attended the launch of “InvestIT,” a program aimed at supporting tech startups. The program is a joint effort by the Technology Innovation and Entrepreneurship Center (TIEC) of the Information Technology Industry Development Agency (ITIDA) and Flat6Labs, the prominent seed and early-stage venture capital firm in the MEA region.

InvestIT is an innovative investment-readiness support program that supports ICT-enabled startups at the seed or pre-series A stages from various governorates across Egypt. The program is designed to empower startups to finalize investment deals successfully. By fostering a supportive ecosystem, InvestIT helps startups navigate the complex landscape of investment and growth.
The program is implemented in two phases. First is the Preparation Phase, which involves qualifying startups through training, one-on-one coaching, essential tools, and resources. The second is Investor Engagement, where startups are connected with potential investors.

In his remarks, the ICT Minister highlighted the government’s commitment to fostering a supportive environment for tech startups and entrepreneurs. He outlined several initiatives aimed at skill development for entrepreneurs, attracting global incubators and accelerators, connecting startups with investors, and establishing Creativa Innovation Hubs across the country. Such efforts are aimed at helping entrepreneurs transform innovative ideas into successful businesses.

Talaat also emphasized efforts to facilitate startup registration and simplify post-establishment processes, along with significant investments in digital infrastructure. Additionally, he noted that Egypt ranks among the top three countries in the Middle East and Africa in terms of venture capital attraction.

ITIDA CEO Ahmed Elzaher expressed his enthusiasm for collaborating with Flat6Labs as part of the Agency’s commitment to enhancing and accelerating the growth of Egyptian startups. He emphasized the importance of creating a supportive ecosystem that boosts startups’ global competitiveness. Elzaher noted that the InvestIT program is part of ITIDA strategy to assist entrepreneurs at every stage, from initial idea development to growth and expansion into international markets.

For his part, Founder and Chairman of Flat6Labs Hany Al Sonbaty emphasized his company’s ongoing support for innovative Egyptian entrepreneurs, a commitment that dates back to 2011. He explained that InvestIT is designed not only to prepare startups for investment but also to equip them with essential tools and a network of connections to help them expand their businesses. Al Sonbaty reaffirmed Flat6Labs’ dedication to fostering a vibrant business environment through collaboration with ITIDA and TIEC, aiming to empower startups and enable them to create a meaningful impact in the Egyptian IT landscape.

The program implementation contracts were signed by Elzaher and Al Sonbaty, with the presence of Flat6Labs Founder Ahmed El Alfi, CIO Dina El Shenoufy, and officials from MCIT and TIEC.

InvestIT will support 12 startups through a six to eight-week program that helps startups develop investment-related strategies and pitch their businesses to investors. Upon completion of the program, the startups will have the opportunity to connect with potential investors, with continuous support and guidance from the program team.

The program is open to ICT-enabled startups at the seed or pre-series A stages, with a launched product or service. Startups must be operational in Egypt for at least two years before the program’s starting date, with the founding team consisting of two or more members.

For applications, kindly click here.