Mubasher: Asset manager Blominvest Saudi Arabia has teamed up with Egypt-based Flat6Labs to set up funds empowering early-stage startups in the Kingdom, yet the total size of the support was not disclosed, according to a press release.
Commenting on the partnership, CEO of Blominvest, Abdullah Al Rashoud, said: “We expect greater market depth to come as more international companies look to launch their regional businesses from the Kingdom of Saudi Arabia to serve the rest of the Middle East and North Africa region.”
It is worth mentioning that Flat6Labs invests in 100 tech startups on an annual basis.
Al Rashoud noted that the partnership with Flat6Labs came in light of Saudi Arabia’s structural reforms, “which has positioned the country as major contender for establishing and operating regional startups, supported by the significant increase in venture capital [VC] funds and the increase in merger and acquisition activity targeting emerging companies in the Saudi market.”
Eyad Albayouk, General Manager of Flat6Labs KSA, said: “Flat6Labs sees KSA as one of the very few markets in MENA that combine key elements for startup success – namely: size, political stability, growth, and a relatively well-structured and digitized business environment.”
Albayouk added that Saudi Arabia has recently witnessed a six-fold surge in VC funding since 2016.
