Leading KSA-based Asset Manager BLOMINVEST has announced a new partnership with Flat6Labs, one of the Mena region’s largest Seed-stage VC firms, to launch funds targeting early-stage startups in the Saudi market. Flat6Labs runs some of the region’s most notable startup programmes and invests in 100 tech startups a year. Its Seed-stage VC funds and programmes support startups during their initial operations, through a highly diversified and structured investment process that aims to reduce the challenges and costs typically faced by early-stage startups.
Eyad Albayouk, General Manager of Flat6Labs KSA, also explained that “We are excited about our partnership with BlomInvest and look forward to being an active contributor to the KSA ecosystem. 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. It comes as no surprise that KSA has recently experienced a 6-fold increase in VC funding since 2016, in light of these structural reforms.”
