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Tuesday, 14 February 2023

Flat6Labs’ Saudi Seed Fund reaches first close + MobileMasr raises USD 500k seed round

Flat6Labs reached a first close on its USD 20 mn Saudi seed fund with the participation of the Saudi Venture Capital Company (SVC) and the Public Investment Fund’s Jada Fund of Funds, it said in a press release (pdf).

What Saudi seed fund? Flat6Labs and SVC last year launched the Saudi fund, at the time hoping to raise some SAR 150 mn (USD 40 mn) within twelve months to back more than 60 early-stage startups. The fund will invest up to SAR 2.4 mn (USD 640k) in early-stage KSA startups with a focus on tech and innovation, the release read. It aims to back some 180 entrepreneurs in the kingdom and create c. 6k private-sector jobs while helping Saudi companies expand through Flat6Labs branches in the region.

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 press release reads.

Flat6Labs runs seed programs in seven countries in the region with total assets under management of more than USD 85 mn, as well as accelerators in Egypt, the UAE, and the KSA. Flat6Labs Egypt invested in 13 startups with a total value of EGP 33 mn (USD 1.3 mn) in 2022.

MOBILEMASR BAGS USD 500K SEED ROUND-

Used mobile e-commerce platform MobileMasr has secured 500k in a seed round from unnamed UAE and Qatari angel investors in the telecom and media sectors “in partnership with” investment banking firm Intercap Capital, according to a press release (pdf). The company will use the funds to expand its presence in the market and launch of new products and services, it said.

About MobileMasr: Founded two years ago by Wael El Ashry, the company’s platform allows customers to buy and sell new and used mobiles and tablets. It offers payment solutions, shipping, and warranty and returns, as well as mobile diagnostics software that can assess the condition of used devices.

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