{"id":581442,"date":"2023-02-14T00:00:00","date_gmt":"2023-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/flat6labs-saudi-seed-fund-reaches-first-close-mobilemasr-raises-usd-500k-seed-round\/"},"modified":"2023-02-14T00:00:00","modified_gmt":"2023-02-14T00:00:00","slug":"flat6labs-saudi-seed-fund-reaches-first-close-mobilemasr-raises-usd-500k-seed-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/flat6labs-saudi-seed-fund-reaches-first-close-mobilemasr-raises-usd-500k-seed-round\/","title":{"rendered":"Flat6Labs\u2019 Saudi Seed Fund reaches first close + MobileMasr raises USD 500k seed round"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Flat6Labs reached a <\/span><span style=\"font-weight:700\">first close on its USD 20 mn <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/04\/mental-health-startup-o7-therapy-raises-usd-2-1-mn-seed-round-flat6-launches-new-saudi-fund-68311\/\" style=\"\">Saudi seed fund<\/a><\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">with the <\/span><span style=\"\">participation of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/svc.com.sa\/en\/\" style=\"\">Saudi Venture Capital Company<\/a><\/span><span style=\"\"> (SVC)<\/span><span style=\"\"> and the Public Investment Fund\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/jada.com.sa\/en\" style=\"\">Jada Fund of Funds<\/a><\/span><span style=\"\">, it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/20230207-Flat6Labs-Riyadh-Fund-Closing-PRL-EN-OA.docx.pdf\" style=\"\">press release (pdf)<\/a><\/span><span style=\"\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What Saudi seed fund? <\/span><span>Flat6Labs and SVC <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/04\/mental-health-startup-o7-therapy-raises-usd-2-1-mn-seed-round-flat6-launches-new-saudi-fund-68311\/\" style=\"\">last year launched the Saudi fund<\/a><\/span><span>, 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<\/span><span> (USD 640k)<\/span><span style=\"font-weight:400;\"> 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The fund \u201cwill adopt a highly diversified, systematic investment plan<\/span><span style=\"font-weight:400;\"> that aims to reduce the risks faced by venture capital and reduce the administrative and legal costs incurred by early-stage startups,\u201d the press release reads. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Flat6Labs runs seed programs in seven countries in the region <\/span><span>with total assets under management of more than USD 85 mn, as well as accelerators in Egypt, the UAE, and the KSA. Flat6Labs Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/28\/turbulence-yes-slowdown-no-92385\/\" style=\"\">invested in 13 startups<\/a><\/span><span> with a total value of EGP 33 mn (USD 1.3 mn) in 2022. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MOBILEMASR BAGS USD 500K SEED ROUND-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> Used mobile e-commerce platform <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/mobilemasr.com\/\" style=\"\">MobileMasr<\/a><\/span><span style=\"font-weight:700\"> has secured 500k in a seed round<\/span><span style=\"\"> <\/span><span>from unnamed UAE and Qatari angel investors in the telecom and media sectors \u201cin partnership with\u201d investment banking firm <\/span><span>Intercap Capital<\/span><span>, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/MobileMasr-closes-successful-seed-round-with-prominent-Gulf-Investors.pdf\" style=\"\">press release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The company will use the funds to expand its presence in the market and launch of new products and services, it said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About MobileMasr:<\/span><span> Founded two years ago by <\/span><span>Wael El Ashry<\/span><span style=\"font-weight:400;\">, the company\u2019s 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. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund \u201cwill adopt a highly diversified, systematic investment plan<\/p>\n","protected":false},"author":1,"featured_media":581443,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,697,219,95],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-flat6labs","tag-saudi-arabia","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"861cd0fb-9596-4d3a-bfc3-f267af06604e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Flat6Labs-Startup-Seed-Fund-First-Close-1600px.jpeg","photo_position":"below","homepage_title":"Flat6Labs\u2019 Saudi Seed Fund reaches first close","full_issue_title":"","related_issue":[581433],"teaser":"The fund \u201cwill adopt a highly diversified, systematic investment plan"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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