Flat6Labs’ Riyadh Seed Program Selects 10 Saudi Startups

Flat6Labs, a seed- and early-stage venture capital firm in the Middle East and North Africa (MENA), has pumped an undisclosed amount into ten Saudi startups as part of the fourth cycle of its Riyadh Seed Program. This brings the total number of investments in Saudi Arabia to 41 since the fund's launch in 2023. 

The selected startups span various sectors, including transportation, e-commerce, logistics, cybersecurity, software as a service (SaaS), consumer tech, and talent acquisition. Each startup will participate in a four-month accelerator program designed to support its growth and expand operations within Saudi Arabia and beyond. The program also includes a minimum cash investment of SAR 500,000 (US$133,059). 

The Riyadh Seed Program is supported by the Startup Seed Fund and is backed by investors such as the Saudi Venture Capital Company, Jada Fund of Funds, and Riyadh Valley Company. The National Technology Development Program also contributes through its Empowering Accelerators initiative. 

The startups selected for this cycle include the freight management platform CAMION, consumer-tech Colada, the talent acquisition platform Devsy, anti-phishing solution provider dPhish, the customer relationship management (CRM) platform Hollat, and the community-based online marketplace Mrrha. 

They also include the shipping aggregator startup Fezlee, the cybersecurity Software-as-a-Service (SaaS) company Cyberni, the warehousing solution provider Units, and the clinic management platform Zofa. 

In an interview with Inc. Arabia, Eyad Albayouk, general manager of Flat6Labs Saudi Arabia, shared insights into the company’s impact on the Kingdom’s startup ecosystem, the strategic focus of its investments, and the challenges faced by local entrepreneurs. 

Albayouk highlighted the tangible outcomes of Flat6Labs’ involvement since its launch in early 2023. “Since launching in the first quarter (Q1) of 2023, Flat6Labs has supported 41 Saudi-based startups, collectively creating over 1,000 jobs and generating close to $30 million in annual revenues. This impact, achieved in less than two years, demonstrates our commitment to fostering private sector growth and equipping startups with the resources to scale and thrive.” 

Discussing the rationale behind prioritizing sectors such as transportation, cybersecurity, and SaaS, Albayouk emphasized their alignment with the country’s current reforms. “These sectors were selected based on their relevance to market needs and the economic opportunities presented by Saudi Arabia’s ongoing reforms. Digitization and automation are driving efficiency across industries, while cybersecurity and SaaS are critical to supporting the kingdom’s digital transformation. Our fund is sub-sector agnostic, targeting all technology sectors relevant to the Saudi context. This includes fintech, insurtech, deeptech, and logistics, alongside continued investments in e-commerce, healthtech, sustainability, and other high-impact industries.” 

Moreover, Albayouk outlined key performance metrics for startups post-acceleration. “We measure success through revenue growth, capital efficiency, business model optimization, market penetration, job creation, and funding raised.” 

He stressed Flat6Labs’ long-term commitment to its portfolio companies. “Post-program, Flat6Labs continues to support startups as a key partner, providing the strategic guidance, funding, and network access necessary to help them scale effectively. Our approach goes beyond traditional acceleration, ensuring we remain a critical part of their growth journey.” 

Albayouk acknowledged that access to capital remains a hurdle, particularly for growth-stage companies. “The Saudi startup ecosystem has grown significantly over the past decade, but there is still room to unlock its full potential. While we’ve seen an increase in funds, capital availability can still be constrained, especially for growth-stage startups.” 

Albayouk pointed out that the accelerator addresses these issues by fostering resilience and readiness. “Flat6Labs addresses this by equipping startups to be resourceful, self-sustaining, and well-prepared to attract funding. Additionally, as Saudi startups expand regionally or globally, they often navigate unique challenges due to differing market dynamics. Flat6Labs provides tailored mentorship and strategic support to help them adapt and thrive in diverse environments.” 

For more information on the Riyadh Seed Program and to apply, visit: https://apply.flat6labs.com/en/riyadh-cycle-5