Cairo-based venture capital company Flat6Labs announced the first close of the Startup Seed Fund in Saudi Arabia, which is aimed at supporting entrepreneurs in the kingdom.
The 75 million riyal ($20 million) fund was created to invest in early stage start-ups operating in the technology and innovation sectors in Saudi Arabia.
It involved participation from Saudi Venture Capital Company, a subsidiary of the Riyadh-based Small and Medium Enterprises Bank, which is affiliated with the National Development Fund, and the Jada Fund of Funds that is wholly owned by the kingdom’s sovereign wealth fund, the Public Investment Fund, Flat6Labs said.
The Startup Seed Fund enables start-ups to receive follow-on funding of up to 2.4 million riyals and helps them to obtain access to support and training programmes.
“The fund will adopt a highly diversified, systematic investment plan that aims to reduce the risks faced by venture capital and reduce the administrative and legal costs incurred by early-stage start-ups,” Flat6Labs said.
It aims to develop the capabilities of more than 180 entrepreneurs, create more than 6,000 jobs in the private sector in the kingdom and enable Saudi companies to expand in the region through Flat6Labs' regional offices.
“This will contribute to completing the structural transformation that the kingdom aspires to by increasing the share of the digital economy in GDP [gross domestic product] and enhancing the contribution of the non-oil private sector,” it added.
Saudi Arabia is seeking to grow its start-ups and small and medium enterprise sector as part of its push to diversify the economy from oil, create jobs and attract high-skilled talent into the kingdom.
Technology is a key pillar of Vision 2030, the country's national strategy, and Riyadh is encouraging entrepreneurship and seeking investment from both local and foreign entities to develop the sector.
Start-ups in Saudi Arabia recorded a 72 per cent annual increase in venture capital funding to $987 million across 144 deals in 2022, start-up data platform Magnitt’s Venture Capital Report found.
The kingdom was the second-most funded country after the UAE in the Middle East and North Africa last year, and accounted for 31 per cent of total capital invested in the region, the report said.
Flat6Labs, which manages several seed funds, with total assets under management of more than $85 million, provides investment ticket sizes ranging from $50,000 to $500,000, supporting start-ups.
More than 25 institutions have invested into Flat6Labs' managed funds.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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The specs: 2018 Jaguar F-Type Convertible
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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