SVC and Flat6Labs launch the Startup Seed Fund and Flat6Labs Riyadh Seed Program

SVC and Flat6Labs launch the Startup Seed Fund and Flat6Labs Riyadh Seed Program

Saudi Venture Capital (SVC), venture investment ecosystem development company, has signed a new investment agreement with Flat6Labs, seed and early-stage venture capital firm in the MENA region, to introduce the Startup Seed Fund. The fund aims to support startups with growth potential and provide more than 20 Saudi startups annually with seed capital over the next three years, in addition to a number of other benefits. 

Blominvest, investment management company, will manage the distribution and marketing of the Startup Seed Fund as it will be the exclusive partner for marketing the fund’s units in Saudi Arabia and raise up to SAR 150 million, within 12 months starting from the fund’s launch.

The fund’s size is SAR 150 million and is allocated for the investment in early-stage startups operating in the technology and innovation sectors within KSA. The investment provided to companies will range between SAR 750,000 to 1,500,000 per company, as well as follow-on funding that will enable companies to complete their expansion inside and outside KSA.

In addition to the cash investment, the fund offers the Flat6Labs Riyadh Seed Program, which is a 4-month seed program held twice a year for over a span of 3 year. The program will support entrepreneurs to develop their business skills and provide them with a supportive environment to build their products, test market fit, improve their business models, and pitch to external investors; the program’s first cycle is expected to be held in the beginning of the third quarter.

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