Flat6Labs, the MENA region’s leading seed and early-stage venture capital firm, hosted the first Demo Day for its Riyadh Seed Program, featuring 10 Saudi startups operating in various tech-driven and tech-enabled sectors, including e-Commerce, PropTech, FinTech, EdTech, Media, Entertainment, and Enterprise SaaS. The portfolio companies showcased their innovative products, solutions, and high growth potential to an audience of more than 250 attendees, including investors, government personnel, mentors, and key ecosystem players.
The Flat6Labs’ Riyadh Seed Program is funded by the Startup Seed Fund, with a total of SAR 75 million, providing the startups with a 4-month entrepreneurship-focused business training, strategic mentorship, subject matter one to one sessions, focused on commercial, administrative, financial, and legal axes. The program works on building the startups’ skills and capacities to develop and scale their businesses, and facilitates their regional expansion through Flat6Labs’ offices.
In celebration of the first cohort of the Program, Eyad Albayouk, Flat6Labs General Manager KSA commented: “We are proud of our first cohort of startups, and we’re confident that they will disrupt markets, provide new job opportunities, and become the cornerstone of Saudi’s transformation to a sustainable digital economy. I am also excited for the Startup Seed Fund, creating space for more pioneering Saudi youth to launch their innovative businesses, contribute to the economy, and expand in the region.”
Dr Nabeel Koshak, CEO and Board Member at SVC commented: “We are keen to partner with Flat6Labs Startup Seed Fund, which will enhance the deal flow creation of high-growth startups. This will complement our efforts of backing VC funds that are eager to source quality investible startups. This will also help equalize the supply of venture capital versus demand of quality deals. We value the contribution of such acceleration funds on the development of the venture investment ecosystem in Saudi Arabia”.
Bandr Alhomaly, CEO of Jada Fund of Funds also highlighted the remarkable growth witnessed in the kingdom’s VC space, and emphasized the need to leverage the untapped opportunities at hand. To that end, he unveiled Jada’s strategic plan to introduce new funding solutions, including venture debt and acquisition funding.
Also the CEO of the National Technology Development Program, Ibrahim Neyaz, commented, “We are excited to be supporting the Flat6Labs’ Riyadh Seed Program, building capabilities and creating an environment that enables innovation, and most importantly, the advancement of the technology ecosystem in Saudi Arabia, under the Saudi’s Vision 2030.’’
The 10 portfolio startups, who presented at the Flat6Labs Riyadh Seed Program’s First Demo Day, are:
An application that simplifies hangout plans, by gathering the date, time, location, and attendees in a single page on the app.
An application that helps brands reach the most important customer segment, the youth, through a student-centric platform.
An end-to-end interior work web platform that helps homeowners seamlessly design and execute their spaces according to their budget, and hassle free.
A social commerce platform that enables users to create wishlists, add wishes, and share them with family and friends.
An application that Provides a one-stop shop for building, operating, and growing F&B businesses through a B2B marketplace that covers both products and services, as well as offering idea-stage entrepreneurs a step by step guide to build a restaurant, cafe, or food truck from scratch.
A platform that provides eLearning Management Systems (LMS) through SaaS monthly and annual subscriptions. Enabling influencers, training centres, and educational institutes to easily digitally transform and launch their educational platforms to sell their courses, books, and consultations.
A virtual platform that enables individuals and SMEs to obtain legal services and consultations through lawyers licensed by the Ministry of Justice in easy and simple steps within the app.
A BNPL for B2B and financial OS.
A business intelligence cloud-based SaaS that seamlessly integrates with local POS systems to build comprehensive actionable insights from joined-up data for F&B retailers to enhance profitable decision-making and improve customer satisfaction.
An education one stop shop solution where students can apply to educational institutions and crowdfund tuition fees through a web platform.