Tech startups in Egypt and Tunisia are among those whose access to funding could increase after regional investment and accelerator company Flat6Labs announced a partnership with Saudi angel network OQAL.
Flat6Labs is a regional startup accelerator program and seed investment company with operations in Cairo and Tunis as well as Jeddah, Abu Dhabi and Beirut.
The company has agreed a partnership with Saudi Arabian angel investor network OQAL in a deal that will further the growth of startups in the Middle East and North Africa (MENA) region by introducing Flat6Labs’ network of startups to OQAL’s network of angel investors.
OQAL will be provided with direct access to Flat6Labs portfolio companies, enabling more deals to happen efficiently and helping Flat6Labs startups to scale with the funding provided by OQAL’s network of investors.
“We are very excited about our partnership with OQAL today. It marks another building block in our mission to help our startups grow and scale toward their desired markets in MENA and specifically the GCC,” said Ramez El-Serafy, chief executive officer (CEO) at Flat6Labs.
“As one of the first and largest Angel Investor Networks in Saudi Arabia, we’re confident in what this partnership with OQAL will garner in terms of exciting investment opportunities for Flat6Labs startups and OQALs network of angel investors.”
Latifa BaNasr, CEO of OQAL, said a key pillar of the group’s strategy was “engaged network”, which emphasised its efforts in playing a proactive role within the ecosystem with partners like Flat6Labs.
“We’re hopeful that this partnership will be yielding more investments, and more startups setting up and expanding to Saudi Arabia.”