Dubai, UAE – Flat6Labs, a seed and early-stage venture capital firm in the MENA region, has invested $10.2 million in start-up funding in Abu Dhabi. The investments were made through the Flat6Labs Ignite Program, which is a specialized seed program dedicated to supporting start-ups in Abu Dhabi.
The program, in partnership with DisruptAD, the venture platform of ADQ, provides coaching, mentoring, and training to selected start-ups. Over the past two years, the program has invested in 38 promising start-ups, with the majority (68 percent) based in the UAE. The program has received over 4,000 applications from start-ups worldwide, showcasing Abu Dhabi’s growing popularity as a global hub for entrepreneurship.
To further support the start-ups, Flat6Labs and DisruptAD have increased the average initial investment in each organization from $175,000 to $185,000, with top-performing start-ups receiving follow-on funding.
Apart from funding, the program offers a strong support ecosystem through partnerships with industry professionals, venture capitalists, and investors. Flat6Labs has also collaborated with government entities and private enterprises to provide exclusive benefits to the start-ups.
For instance, through its memorandum of understanding (MoU) with Wio Bank, start-ups receive priority banking support and easier access to capital. Another MoU with Abu Dhabi Residences Office (ADRO) enables start-ups to expedite the golden visa application process for entrepreneurs.