Category: Events

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.

• The Demo Day, held in collaboration with Flat6Labs, marked the closing of the second edition of the Women’s Health Accelerator Program

• Eight start-ups from the UAE, Lebanon, Egypt, Tunisia, and Poland presented their women’s health solutions to a panel of industry experts

 

Dubai, United Arab Emirates – 15 October 2024: Eight pioneering start-ups who participated in the second edition of the Women’s Health Accelerator Program, attended Organon’s Demo Day during the ‘Expand North Star’ event at Dubai Harbour, hosted by GITEX Global. This initiative, a collaboration between Organon, a leading global healthcare company dedicated to improving women’s health, and Flat6Labs, MENA’s premier seed and early-stage venture capital firm, aims to address unmet women’s healthcare needs across the region. This year’s edition was launched on March 8, in celebration of International Women’s Day.

The Demo Day saw shortlisted startups from the UAE, Lebanon, Egypt, Poland and Tunisia pitch solutions that exemplify the remarkable innovation and potential impact on women’s health that the accelerator program aims to foster. Over the course of the program, these start-ups have benefitted from an array of resources provided by the program, including strategic mentorship, entrepreneurship-focused business training, subject matter one-to-one sessions, and a multitude of services from partners.

In the session, the shortlisted start-ups pitched their innovations to an esteemed judging panel comprising Dina el-Shenoufy, Chief Investment Officer at Flat6Labs; Ramy Koussa, Associate Vice President of META at Organon; Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi; and Lyndal Cordaro, Head of Nursing at King’s College Hospital London – UAE.

iYoni, an innovative mobile app offering precise AI-based fertility predictions, automated lab test assessments, and advice from fertility experts, took first-place and received a prize of 15,000 USD. In her pitch, Katarzyna Goch, CEO of iYoni, outlined her ambitious plans to expand to the UAE market.
Taking the second-place prize of 10,000 USD was Noor Jaber, CEO of Nawat from Lebanon, a digital platform offering holistic reproductive health education and breaking the taboo around women’s health issues in the region. In third place and receiving a 5,000 USD prize was Banet from Tunisia, an app that empowers women with reliable health information and provides women with direct access to healthcare professionals for their health and wellness needs.

Among the other innovative projects presented at the event was Yotto from the UAE, a platform optimizing female athletes’ performance through hormonal monitoring, addressing a significant gap in sports science. Another UAE-based startup, Mamahood, introduced a comprehensive support system for women during fertility, pregnancy, and motherhood, offering a 24/7 live chat with doctors and a supportive community. Me-Now, also from the UAE, aims to guide women through perimenopause and menopause, ensuring they receive the necessary support and understanding during these transitions.

In addition, several other startups showcased their groundbreaking solutions, addressing critical subjects in women’s health in the region. InBalance, an initiative from Lebanon, outlined their app that offers personalized AI-powered treatments for PCOS patients, aiming to naturally improve health outcomes. The Aziza App from Egypt, tailored specifically for Egyptian women, was also presented, providing meaningful menstrual health tracking and management.

Speaking at the opening session of the Demo Day, Ramy Koussa, Associate Vice President of META at Organon, said, “The Women’s Health Accelerator Program has been a remarkable journey of innovation and collaboration. We are incredibly proud of the startups that participated and the groundbreaking solutions they have developed. Inspired by the success of this program, we were thrilled to launch the second edition, aiming to enhance our support by empowering women economically and fostering new ideas that enhance women’s health. At Organon, we believe that addressing women’s health needs is essential for building resilient and thriving communities. This program is a testament to our commitment to fostering innovation that directly impacts women’s lives.”

Dina el-Shenoufy, Chief Investment Officer at Flat6Labs, said, “Supporting founders in the Femtech industry is critical to advancing -not only women’s healthcare- but also driving broader economic growth. Through programs like Women’s Health Accelerator, we ensure that female founders receive the tools and resources they need to succeed and make a meaningful impact on women’s lives. We are proud of all the startups who participated in this program; they showed us how the next generation of female leaders are focused on addressing the unmet needs in women’s health.”

Katarzyna Goch, CEO of the winning start-up iYoni, commented, “Participating in the women’s health accelerator program was an outstanding experience. From the very beginning, we connected with experts who provided invaluable advice that I can implement both now and in the future.”

The accelerator program, initiated shortly after Organon’s expansion into the region, represents a pioneering ESG initiative that underscores Organon’s dedication to addressing women’s health needs. This program, aligned with Organon’s mission to enhance the lives of women and girls through improved health outcomes, was meticulously crafted to bolster female entrepreneurship and support digital health startups.

Riyadh, Saudi Arabia
September 10, 2024

Flat6Labs, the MENA region’s leading seed and early-stage venture capital firm, hosted its Third Demo Day for its Riyadh Seed Program, featuring 10 Saudi startups operating in various tech-enabled sectors, including e-Commerce, PropTech, FinTech, SMB SaaS, AutoTech, SpaceTech and Enterprise. The portfolio companies showcased their innovative products and solutions with high growth potential to an audience of more than 350 attendees, including investors, government personnel, influencers, mentors, and key ecosystem players.

Flat6Labs’ Riyadh Seed Program is funded by the “Startup Seed Fund” in Saudi Arabia. The Startup Seed Fund LP (“the fund”) was established to provide investors with capital gains through investments in early-stage startups in Saudi Arabia, following a highly diversified and structured investment strategy.

The fund’s target size is SAR 105 million ($28 million) to acquire selective equity stakes in  early-stage startups operating in technology and innovation sectors within the Kingdom of Saudi Arabia.

The 10 innovative portfolio startups who pitched at Flat6Labs’ Third Demo Day are:

ClymbAI
AI enabled field force automation products built for sales and delivery teams in CPG companies.

Fahis – فاحص
An online platform that specializes in pre-purchase inspections of used cars based on international standards and advanced technological systems. It provides this service on the customer’s behalf in various regions of Saudi Arabia.
Holoul – حلول
A digital mortgage platform that focuses on serving Saudi citizens by facilitating and improving homeownership. 

Moneyloop – موني لوب
A fintech platform that enables microloans for the employees of SMEs. MoneyLoop employs the Jamaih model to facilitate these micro-loans, leveraging community savings pools. MoneyLoop is licensed by the Saudi Central Bank (SAMA) under the sandbox.

Phys – فز
When the screen time limit is reached, Phys locks the child’s devices. Instead of the usual boring timers found in parental control apps, Phys immerses children in a world of thrilling augmented reality games without the need for additional hardware.
SARsatX
SARsatX offers satellite imagery data and analytics using machine learning models to serve the environment, agriculture, energy, and mining sectors.

TashleehPro – تشليح برو
A marketplace that connects end users with various vendors of used spare parts across the country, offering affordable, quick, and compatible salvage parts solutions backed by real-time data to meet client needs.

Wateer – وتير  
WATEER an innovator in the field of financial technology. By providing real-time digital receipts, with a simple and easy service that is suitable for traditional shops.

We seek leadership in digital receipts and transaction management with a focus on innovation and sustainability.Wazen – وازن
Wazen is the operating system for businesses. One platform includes ERP, CRM, HR, POS, and SoftPOS. It operates as a SaaS solution and is fully integrated with banks to facilitate auto reconciliations and initiate all payments and payrolls.

Yamm – يمّ
Yamm is committed to transforming the refund and return process using advanced technologies to make it quicker, clearer, and more efficient, thereby boosting merchant customer confidence and loyalty.

To contact the founders of cycle 3 of the Riyadh Seed Program click here

Flat6Labs’ early-stage venture capital investment report for H1 2024 provides detailed insights into Saudi Arabia’s investment performance, highlighting key opportunities and trends shaping the future of startup investments.

Analysis of Venture Capital in Saudi Arabia

Although the pace of funding rounds has slowed since 2021, the first half of 2024 saw a 28% increase in the total number of rounds compared to the same period in 2023. This growth was mainly driven by a 50% increase in pre-seed rounds and a 130% increase in Series A rounds.

However, growth-stage rounds (post-Series A through Series B, C, etc..) saw a decline of 67%; despite the drop in growth stage announcements during H1, we remain cautiously optimistic as these rounds are usually backhanded in the year’s second half. Notably, 2023 saw a peak in venture capital funding, driven by growth-stage rounds such as Series C for Nana and Floward, and Series D for Tabby.

Investor activity also rebounded, with a 24% rise in H1 2024 compared to the same period in 2023. This increase was driven by more participation in Series A, pre-seed, and seed rounds. Despite this, investor activity remains below the three-year average, suggesting a potential improvement in investor confidence in early-stage opportunities and a focus on more sustainable business models.

Nevertheless, venture capital investments in Saudi Arabia remain relatively small compared to the overall economy, accounting for only 0.04% of the market capitalization of listed companies (or 0.1% excluding Aramco). This is also less than 0.1% of the Kingdom’s GDP, significantly lower than the global average of around 0.5%. This indicates vast potential for growth in the future.

Sectoral and Investment Trends – Diversity in Venture Capital

Interestingly, the tech sector has outperformed the overall market for listed companies, driven by government initiatives and the goal to achieve “Vision 2030,” which has provided a supportive environment for development and innovation. Saudi Arabia’s tech sector has demonstrated exceptional growth, delivering 34% returns over the past five years. Despite this strong performance, the tech sector accounts for only 0.85% of total market capitalization, indicating substantial potential for digital growth and future technological transformations, making it an attractive option for investors looking to capitalize on this momentum.

The venture capital market in Saudi Arabia has also become increasingly diverse. FinTech and e-commerce no longer dominate the economic landscape. The report highlights a recovery in the SMB SaaS sector, with notable funding deals such as the pre-IPO Series C round for Salla, which attracted $130 million. Sectors like EdTech, transportation, and logistics are also seeing growing interest.

This diversification reflects the maturity of the startup ecosystem in Saudi Arabia, the evolution of market needs and the emergence of new opportunities which offer investors a broader spectrum of investment options, with notable changes in participation compared to 2023.

Valuations

Venture capital funding has seen notable growth driven by growth-stage activity during 2023, while early-stage funding peaked in 2021. The average round sizes have continued to increase since 2019, indicating an ongoing rise in valuations.

Likewise, the valuations of listed companies have seen significant growth over the same period, with the average sales multiple (weighted by market capitalization for all listed companies) reaching 10.3x sales excluding Aramco multiples). The market’s sales multiple has grown at a compound annual rate of 20% over the past five years, reflecting optimistic expectations for future returns.

Data indicates that early-stage investment round sizes (from pre-seed to Series A) have grown at a rate similar to the increase in listed companies’ sales multiples, while growth-stage rounds have accelerated faster.

We estimate that the average valuations are currently around $4 million for pre-seed rounds, $10 million for seed rounds, $60 million for Series A rounds, and exceed $800 million for post-Series A growth rounds.

Funding Trends in Different Stages

The report highlights a notable contrast in funding trends between early-stage and growth-stage rounds. While early-stage funding (from pre-seed to Series A) peaked in 2021, subsequent years saw a decline. However, growth-stage funding rebounded strongly in 2023, reflecting investors’ interest in companies demonstrating significant growth and maturity.

Evolution of Venture Capital Funds and SMEs in Saudi Arabia – 2024 Market Outlook

The parallel stock market (Nomu) in Saudi Arabia showed strong growth in 2023, with 34 IPOs, accounting for 83% of all listings in the market. This significant growth reflects increasing confidence in small and medium-sized enterprises (SMEs), providing new investment opportunities for investors, while also supporting the growth of the Saudi economy and enhancing its status as an attractive investment destination.

Forecasts indicate that the Saudi market will continue its robust growth in 2024, driven by ongoing efforts and initiatives to diversify the economy away from oil dependency, in line with Vision 2030. Non-oil sectors such as logistics, EdTech, and tourism are expected to see notable growth, fueled by structural reforms as well as local and regional investments.

In parallel with these developments, the Saudi financial market ‘Tadawul’ is expected to experience stability and sustainable growth in 2024. This growth will be driven by increased IPO activity and supportive government policies, creating a favorable investment environment for both local and international investors.

Flat6Labs in Saudi Arabia

In February 2023, Flat6Labs announced the launch of “Startup Seed Fund” in Saudi Arabia. The Startup Seed Fund LP (“the fund”) was established to provide investors with capital gains through investments in early-stage startups in Saudi Arabia, following a highly diversified and structured investment strategy.

The fund’s target size is SAR 105 million ($28 million) to acquire selective equity stakes in early-stage startups operating in technology and innovation sectors within the Kingdom of Saudi Arabia.

Riyadh Seed Program

Flat6Labs primarily invests in Saudi startups through its Seed Program in Riyadh by scouting for innovative startups across the Kingdom. These startups undergo a thorough evaluation process before the selection of 10 startups per cycle, with each cycle lasting four months.

The fund exclusively invests in tech startups in Saudi Arabia and is managed by Flat6Labs. Through the Riyadh Seed Program, we invested in 30 startups during 2023 and 2024 out of more than 60 startups planned over the next two years. The investment amounts range between $200,000 and $400,000 in exchange for up to a 10% equity stake in the startup.

As the most active investor in Saudi Arabia in 2023 and one of the leading venture capital firms in the MENA region, Flat6Labs highlights promising opportunities within this thriving ecosystem. The company emphasizes its leadership role in supporting and empowering Saudi entrepreneurs and its expertise in guiding investors toward growth prospects in the Kingdom.

Shell Intilaaqah Egypt Programme will support & influence more than 1000 young entrepreneurs per year through matchmaking, boot camps & incubation.

Cairo, Egypt – 22 July 2024 – Shell Egypt is excited to announce the relaunch of the Shell Intilaaqah Egypt Programme, in collaboration with Flat6Labs. This initiative is part of flagship enterprise development global programme Shell LiveWIRE, and aims to empower and support over 1,000 aspiring entrepreneurs in Egypt. The programme is dedicated to fostering innovative solutions to address global challenges through fostering entrepreneurship.

For nearly two decades, the Shell Intilaaqah Egypt Programme has been a beacon of innovation and growth, nurturing over 10,000 youth across the nation and contributing to the establishment and scaling of approximately 200 startups. The programme has not only spread awareness about entrepreneurship, but have also supported many individuals in starting new businesses and expanding existing ones.
Dalia Elgabry, Vice President and Country Chair, Shell Egypt commented: “As a responsible investor, Shell Egypt has a long-standing history of supporting our local communities through impactful Social Investment (SI) programmes.

These initiatives are designed to create sustainable benefits for our stakeholders, addressing some of the most pressing challenges we face today. We are proud to support the community through pioneering capacity-building programmes like Shell Intilaaqah. Together in collaboration with Flat6Labs, we are committed to creating significant opportunities for early-stage entrepreneurs, providing them with the necessary support to overcome challenges and succeed in their entrepreneurial journey.”

Shell LiveWIRE, operates in 20 countries to strengthen local economies through entrepreneurship, innovation, and meaningful employment. The Shell Intilaaqah Egypt Programme will leverage this global experience to support and train more than 1,000 entrepreneurs per year through a series of matchmaking, ideation, bootcamps & incubators. The most promising 240 teams or ideas from these sessions will be selected to participate in the Bright Ideas Bootcamp Training. From these, the top-performing 40 teams will be invited to join the 3-month Intilaaqah Incubation cycle, across two cycles per year.

Hany Al-Sonbaty, Co-founder and Chairmanof Flat6Labs added: “Flat6Labs is thrilled to collaborate with Shell Egypt and become their social investment delivery and innovation partner in the country. This collaboration in relaunching the Shell Intilaaqah Egypt Programme will create significant opportunities for early-stage entrepreneurs, providing them with the necessary resources and mentorship to turn their innovative ideas into successful ventures.”

The programme will inspire the Egyptian youth through hybrid ideation and matchmaking sessions, training them on how to ignite their startup journey via eight bootcamp cohorts, select the teams to participate in the 3-month Intilaaqah Incubation Cycle, and spotlight three winning projects during Intilaaqah Annual Award Ceremony.

Flat6Labs will implement the Shell Intilaaqah Egypt Programme and help tailor it to support entrepreneurs in defining their mission, vision, and initial strategy, helping them build a pipeline and raise awareness about entrepreneurial opportunities. Selected participants will attend workshops delivered by subject matter experts, providing them with access to globally tested and successful startup practices. The programme will focus on empowering the next generation of young people to become innovative entrepreneurs, equipping them with the skills to identify market needs and develop solutions to specific challenges facing the Egyptian economy.

Shell Egypt’s social investment programmes contribute to the delivery of Egypt’s 2030 Strategy Goals and UN Sustainable Development Goals. Shell Egypt delivers a portfolio of programmes in collaboration with partners such as Ministry of Petroleum, Egyptian universities, The National Training Academy, and the World Food Program

Celebrating International Women’s Day: Empowering Female-Led Innovation in Healthcare

Dubai, United Arab Emirates – 29 February 2024: Organon, a global healthcare company dedicated to improving women’s health, in partnership with Flat6Labs, MENA’s leading seed and early-stage venture capital firm, is thrilled to announce the launch of the second cycle of the Women’s Health Accelerator Program. Building on the success of the inaugural cycle and the incredible momentum witnessed across the region, this initiative aims to empower digital health startups with solutions to enhance women’s health across the Middle East, North Africa, and Turkey (MENAT) region.

The second cycle will hone in on three main focus sectors critical to women’s health:
Family Planning: Technologies Enhancing Contraception Counseling and Education and Awareness of Tools and Options.
Fertility Planning: Solutions for IVF Mental Health Support and Counseling.
Women’s Wellness: Innovations in Self & Maternal Care, Disease Prevention, and Menstrual Health.

The overarching objective of this accelerator program is to address specific challenges faced by women in the region concerning their health, aiming to find sustainable and long-term solutions. The focus will be on identifying and supporting digital solutions that can help improve accessibility, empower individuals, and enhance overall quality of well-being, ultimately advancing women’s healthcare in the areas identified. This year’s program will target startups operating in several countries, including Kuwait, Lebanon, Oman, Turkey, Egypt, Jordan, KSA, and the UAE. The majority of these countries have established Organon & Flat6Labs offices, with both entities having local partners in these geographies.

The initiative aims to accelerate the growth of 15 startups, and engage with various stakeholders, ultimately graduating startups that are ready to launch and address current challenges in women’s health. Additionally, the program will include virtual and on-ground community events such as info sessions, roadshows, pitchathons, and webinars to strengthen outreach, scouting, and selection efforts.

The second cycle of the Women’s Health Accelerator Program introduces enhanced program offerings. These offerings include:
In-Depth Training: Startups will receive specialized training in business and technical aspects, equipping them with the knowledge and skills necessary for success.
Mentorship and Guidance: Participants will benefit from mentorship provided by industry experts, connecting them to a vast network of local and international mentors, investors, and corporates.
Exposure to Stakeholders: Startups will have unique opportunities for exposure to key stakeholders, enhancing their visibility and creating valuable connections within the industry.
Regional Business Support: Access to a regional network across the region and support with market expansion.

Commenting on the program’s second cycle, Ramy Koussa, Associate Vice President, Organon, Middle East North Africa & Turkey (MENAT), stated, “Investing in women’s health shows positive return on investment (ROI): for every $1 invested, ~$3 is projected in economic growth. Investing in improving women’s health not only improves women’s quality of life but also enables them to participate more actively in the workforce and make a living. The potential value created through women’s higher economic participation and productivity exceeds the costs of implementation by a ratio of $3 to $1 globally. Launching the second cycle of the Women’s Health Accelerator Program marks a significant milestone in our ongoing commitment to advancing women’s health in the MENAT region. We are excited to deepen our partnership with Flat6Labs and continue listening to the needs of women, identifying innovative solutions that foster a better and healthier every day for her. This cycle is a testament to our sustained dedication to collaboration, innovation, and the empowerment of women-led startups in the digital healthcare space.”

Yehia Houry, Chief Programs Officer at Flat6Labs, emphasized the importance of supporting female entrepreneurs and advancing women’s healthcare, stating, “As we embark on the second cycle of the Women’s Health Accelerator Program, we are thrilled to amplify our support for female entrepreneurs shaping the future of women’s healthcare. This initiative is not just about innovation; it’s about empowering visionary minds to create lasting impact. Our ongoing partnership with Organon and the evolving focus of this cycle reaffirm our commitment to fostering a dynamic ecosystem for women-led startups. Together, we aim to revolutionize the healthcare landscape, ensuring it reflects the diverse and nuanced needs of women across the MENAT region.”

In the accelerator program’s first cycle, we witnessed the remarkable achievements of three standout startups that were announced as the winners: “OMGYNO” founded by Doreen Toutikian and Elisabeth Milini in Greece and Lebanon, “Siira” founded by Sandra Salame in Lebanon, and “Maternally” founded by Yasmin El Mouallem in the UAE. These visionary companies have not only demonstrated innovation and excellence but have also become integral parts of our ecosystem. As we embark on the second cycle, we are thrilled to welcome these winners back into the fold. Their invaluable insights, experiences, and successes will serve as guiding lights for the new cohort of startups, enriching the program with their expertise and contributing to its continued success.

For more information about the Women’s Health Accelerator Program’s second cycle and the application process, please visit our website here. The applications close on May 16, 2024.

Riyadh Valley Company, the investment arm of King Saud University and a prominent player in the investment landscape of Saudi Arabia, is delighted to announce its strategic investment in Flat6Labs’ Startup Seed Fund, a move that solidifies its commitment to supporting the growth and development of the region’s vibrant startup ecosystem.

This investment marks a significant milestone in Riyadh Valley Company’s mission to foster innovation, entrepreneurship, and economic growth within the Kingdom of Saudi Arabia. It is part of the company’s broader strategy to identify and partner with initiatives that have the potential to drive meaningful change in the region. The fund enables startups to receive follow-on funding up to SAR 2.4 million and the support and training programs provided by the program for select companies.

The Startup Seed Fund is a closed-ended fund that invests in early-stage startups operating in the technology and innovation sectors within the Kingdom of Saudi Arabia. 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 startups. The fund has invested in 20 innovative startups, with an investment value exceeding SAR 15,000,000.

Commenting on this strategic investment, Dr. Khalid Al-Saleh, CEO of Riyadh Valley Company, stated, “Riyadh Valley Company is excited to partner with Flat6Labs’ Startup Seed Fund LP. We recognize the incredible potential and innovative spirit of startups in the region and understand the vital role they play in advancing our economy. This collaboration is a testament to our dedication to providing the resources and support necessary to help these startups thrive and scale their businesses.”

Flat6Labs’ Startup Seed Fund has a proven track record of supporting and accelerating startups across various sectors. With Riyadh Valley Company’s investment, the fund is poised to further expand its operations, reach more entrepreneurs, and make a substantial impact on the region’s startup landscape.

Commenting on the investment, Eyad Albayouk of Flat6Labs, expressed, “We are thrilled to welcome Riyadh Valley Company as a strategic partner in our Startup Seed Fund. This collaboration will undoubtedly enhance our ability to support startups and drive innovation in the Kingdom. We look forward to working together to achieve our shared goal of fostering entrepreneurial success in the country.”

Riyadh Valley Company’s investment in Flat6Labs’ Startup Seed Fund underscores the company’s dedication to advancing the Kingdom of Saudi Arabia’s economic diversification goals and promoting a culture of innovation and entrepreneurship.

Investing Up to $100K in Construction Tech Startups in Egypt

Flat6Labs, the region’s leading seed and early-stage venture capital firm, has launched the “Makers” ConTech Accelerator Program in partnership with SIAC and Dar Al-Handasah (Shair and Partners). The program is the first-ever construction-focused accelerator program in the Middle East that aims to support advanced startups in the construction technology industry.

The “Makers” ConTech Accelerator Program will provide select startups with up to $100,000 in funding per startup as well as grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses. The program will last 12 weeks, startups will be chosen based on their unique new technology, hardworking founders, and exceptionally promising products, presented at a minimum viable product (MVP) level or higher.

The launch of the new program follows Makers’ first pre-accelerator program, which ran in early 2023 and which aimed to promote construction industry innovation through connecting and engaging with various industry stakeholders with extensive expertise, thereby creating sustainable innovation ecosystems for resolving construction-related challenges within SIAC, Dar, and the industry at large. The pre-accelerator program graduated nine of the most innovative ConTech startups in Egypt – including Reblox, Tawredaat, AION Innovation, Masafa, HomeLab, A.D Innovations, Makinahub, and JEEZAR. During the pre-accelerator, these startups were offered strategic mentorship, entrepreneurship-focused business training, one-on-one sessions with subject matter experts, as well as other benefits that would empower them to develop and present their innovative ideas and solutions.
With the launch of the new accelerator program, Flat6Labs intends to provide ongoing support to construction technology startups. The program will initially focus on Egyptian entrepreneurs, before expanding to the Kingdom of Saudi Arabia and subsequently to the wider MENA region.

Commenting on the new Makers Accelerator Program, Faysal Shair, Head of Digital Solutions at Dar, said, “We are thrilled to continue our exceptional collaboration with SIAC and Flat6Labs to accelerate the transformation of the construction industry. We believe that the program will promote innovation in the construction industry and foster talents in construction tech, empowering them to showcase their innovative solutions and work alongside industry leaders to bring those solutions to the market. We are looking forward to seeing what the selected startups will bring to the table.”

“We are proud to be a part of the journey towards digitizing the construction industry and unlocking more opportunities and potential for ConTech startups in Egypt,” stated Seif Ragab, Deputy CEO at SIAC. “The digital revolution of the construction industry is becoming more crucial than ever and we are excited to capitalize on this momentum and make major leaps. We are confident that the expansion of this program would essentially help the growth and development of the region’s constructing industry.”

“We are excited to announce the launch of an accelerator program in collaboration with SIAC and Dar Al-Handasah, with the hope that it will serve as a conduit for the development of cutting-edge innovation while driving growth and opportunities for promising startups,” said Yehia Houry, Chief Programs Officer at Flat6Labs. “We are proud of the success of the pre-accelerator program, and we believe that Makers will have a significant impact on the construction industry in Egypt, and eventually across the Middle East.”

Compared to other sectors like fintech, the construction industry typically moves at a slower pace when it comes to embracing innovation or digitalization. The Makers program strives to equip construction entrepreneurs with the necessary support in order to provide innovative solutions and fresh technologies that optimize and automate construction industry processes, making them more efficient and sustainable while propelling the sector forward.

About Flat6Labs:
Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. Flat6Labs invests in innovative and technology-driven startups enabling thousands of passionate entrepreneurs to achieve their daring ambitions and ultimately becoming their institutional co-founders.
Flat6Labs manages a number of seed funds with a total AUM in excess of $85M. More than 25 leading institutions have invested into the Flat6Labs managed funds; believing in the asset class and Flat6Labs’ proven track record as the market leader. Flat6Labs provides a wide range of investment ticket sizes ranging from $50K to $500k, supporting startups through their early journeys from Pre-Seed all the way to Pre-Series A stages. Alongside the investments, Flat6Labs’ exceptional startup programs, executed to cater specifically for the needs of the innovative entrepreneurs, helps them accelerate their growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors and corporates.
Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region; with ongoing plans to expand into other emerging markets.
For more information, visit www.flat6labs.com

About SIAC:

SIAC Construction is one of the leading regional construction private sector companies in Egypt and the Middle East. Since its establishment in 1986; SIAC gained a vast record of experience in the construction of mega projects; including top-quality finishing buildings, heavy industrial construction, power plants, infrastructure, and petrochemical projects.

SIAC’s aim is to create a difference in quality construction, by implementing the most modern management and construction systems, in order to ensure and improve its position as a leader in the construction field.

SIAC also is a member of SIAC Holding which was established to manage the diversified activities of the Group. These activities include construction, development, and building materials.
About Dar-Al-Handasah

Dar is one of the world’s leading consultancies, providing design, planning, engineering, and project management services for a wide variety of market sectors, including buildings and cities, transportation and civil infrastructure, and water and the environment, and project management. We are a global community of over 7,850 talented and innovative engineers, planners, economists, architects, designers, project management specialists, construction management professionals, and multidisciplinary experts. We take on some of the world’s most exciting and ambitious projects in order to nurture sustainable development, empower and connect communities, create more and better opportunities, and enhance lives. Our company’s portfolio includes over 4,500 projects, collectively worth $540 billion, delivered for over 950 clients. The firm’s commitment to excellence, client satisfaction, and sustainable development has earned it a reputation as a trusted and reliable partner in shaping a better future for communities around the world.

Dar is also the founder of Dar Group – a global network of industry-leading brands with over 18,600 employees in more than 300 offices around the world. According to the industry-standard Engineering News Record, Dar Group has ranked among the top 10 international design firms for over 15 years, and it currently ranks 1st in the Middle East and 3rd in Africa (ENR 2022).

Tripoli, May 2023. The new “Deraya – دِرَايَــة Entrepreneurship Initiative” for young entrepreneurs seeks to build a dynamic ecosystem of innovative entrepreneurs and startups in Libya.

Young entrepreneurs in Libya face many challenges, including accessing markets and financial resources, and navigating regulations and administrative procedures. The Deraya initiative is designed to equip entrepreneurs with the essential know-how to turn innovative ideas into successful startups. The initiative was jointly developed by the Ministry of Local Government (MoLG), and United Nations Development Programme (UNDP), in collaboration with the European Union (EU) and the African Development Bank (AfDB).
Targeting youth and vulnerable groups, Deraya is open to innovative and aspiring entrepreneurs aged between 18 and 35. Through interactive webinars, the initiative’s participants will be given an opportunity to engage with experienced entrepreneurs, subject matter experts, and role models from Libya, Egypt, and Tunisia and learn from their success stories, wealth of knowledge, and expertise. The initiative will also entail startup weekends in Tripoli, Benghazi, Sebha, and Derna, culminating with a pitch competition where the winning startups will receive financial support, financed by EU and AfDB, to further develop, grow, and take their business ideas to the next level. As a critical step towards sustainability, entrepreneurs will be linked to the municipal business incubators being set up with MoLG with UNDP’s technical support.
Commenting on the launch of the initiative, Dr. Bader Al-Deen Al-Tomi, Minister of Local Government, said: “The Deraya initiative plays a pivotal role in the Ministry of Local Government’s strategy to develop entrepreneurship and micro-enterprises at the local level, empower municipalities economically, and provide job opportunities in line with Law 59 and Resolution 1500 . We are delighted to work towards these goals in cooperation with our international partners, EU, AfDB and UNDP.”
EU Ambassador Mr. José Sabadell added: “Libya’s economic prosperity will be driven by young entrepreneurs with innovative, forward-looking ideas. They will be the key to a more diversified Libyan economy, a strong private sector and new jobs. Together with our Libyan and international partners, the European Union therefore seeks to offer strong and concrete support to young Libyan entrepreneurs, to realise their business ideas.”
Mr Mohamed El Azizi, Regional Director for North Africa at the African Development Bank, further commented: “Private sector development is key to boosting economic diversification and job creation in Libya. Supporting the trajectory of young Libyan men and women to develop and grow their start-ups has enormous socio-economic potential and will contribute to job creation. It is also important to ensure an adequate business enabling environment and institutional support. The EEYES project, financed by the AfDB through the Youth Entrepreneurship and Innovation Multidonor Trust Fund, and implemented by UNDP, supports these components.”
UNDP Resident Representative, Mr. Marc-André Franche, said: “Libya has a new generation of young people, women and men, , with promising capacity and big ambitions. The country has the potential to be one of the biggest entrepreneurial ecosystems in North Africa, and through the Deraya programme, UNDP seek to help inspire and provide young entrepreneurs with the necessary resources and assets to realise growth and innovation.”
The Deraya programme is part of UNDP’s Local Peacebuilding and Resilience efforts in partnership with MoLG, aimed at creating socio-economic opportunities for youth and vulnerable groups to promote sustainable growth in Libya, including the establishment of the first Municipality-led business incubator and the TEC+ Accelerator programme.

The Deraya initiative, co-funded by AfDB and EU, is designed and implemented in collaboration with a consortium consisting of Flat6Labs, Tatweer Research and MAZAM, bringing in years of experience and specialized knowledge in helping young entrepreneurs launch successful ventures in both the Middle East & Africa regions.

Further information and how to apply can be found on the website: deraya.ly.

Background
UNDP supports Libya’s transition towards peace, economic recovery, and sustainable development to help the country get on a more robust development path by supporting local authorities to restore essential services delivery and livelihood opportunities and promote peaceful co-existence. Job creation for youth is at the heart of UNDP’s local Peacebuilding efforts. This initiative is part of UNDP’s “Environment towards youth entrepreneurship support and positive migration governance project (EEYES)” programme financed by the African Development Bank (AfDB), and the Strengthening Local Capacity for Resilience and Recovery Project funded by the North of Africa Window of the European Union Emergency Trust Fund for Stability which contributes to addressing the root causes of irregular migration and displaced persons in Africa (EUTF – NOA). The Deraya initiative is implemented in partnership with Flat6Labs, Tatweer and Mazam.