Blominvest joins forces with Egypt’s Flat6Labs to support Saudi startups

Blominvest joins forces with Egypt’s Flat6Labs to support Saudi startups

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, said: 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, 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.