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The fund will be used to invest in early stage startups operating in technology and innovative sectors in Saudi Arabia.
Venture capital company Flat6Labs has launched a $20 million ‘Startup Seed Fund’ in Saudi Arabia, with participation from the Saudi Venture Capital Company (SVC) and the ‘Jada’ Fund of Funds Company, which is wholly owned by the Public Investment Fund (PIF).
The Startup Seed Fund will be used to invest in early stage startups operating in technology and innovative sectors in Saudi Arabia.
The new fund also aims to develop the capabilities of more than 180 entrepreneurs, create more than 6,000 jobs in the private sector, and enable Saudi companies to expand across the MENA region through Flat6Labs’ regional offices.
The first cycle of Flat6Labs seed program in Riyadh invested in 10 startups, with investments reaching up to SAR 500,000 per startup. Selected startups were also eligible for a four month training program to help launch and grow their business in KSA and across the region.
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