Flat6Labs Ignite programme spurs growth, backs 38 startups with $10.2m

Two years since the launch of its flagship Flat6Labs Ignite programme, in partnership with DisruptAD, the venture platform of ADQ, Flat6Labs has crossed significant milestones.

The tailored programme — comprised of coaching, mentoring and training — has led to investments of $10.2m into 38 promising startups, the large majority (68 per cent) of which have been established in the UAE.

Flat6Labs Ignite is a specialised seed programme committed to supporting startups in Abu Dhabi. The programme hosts an intake cycle every six months and has thus far completed four cohorts with the fifth cohort to be announced shortly.

Owing to the growing popularity of the programme, Flat6Labs has to date received over 4,000 applications from startups across the world, with the number of applications steadily increasing by an average of 30 per cent cycle-over-cycle.

Around 77 per cent of founders applying for inclusion in the programme have been based outside the UAE.

“Two years ago, when we partnered with DisruptAD to launch the Ignite programme, our mission was to foster the thriving startup ecosystem in Abu Dhabi.

The results now speak for themselves and the work we have done has been bolstered by commendable initiatives by the government that make the city highly attractive to entrepreneurs from around the world.

Supported by highly favourable regulation, vast opportunity for securing investment, and unparalleled access to top global talent, entrepreneurs who establish or relocate their operations to the city have the outsized potential to achieve success,” said Ryaan Sharif, general manager at Flat6Labs UAE.

Another positive impact this programme has on the startup ecosystem in Abu Dhabi, can be found in the number of jobs created on account of the opportunities made possible to Ignite startups.

To date, nearly 140 founders have been expertly trained under the programme, and these entrepreneurs have gone on to grow their businesses, resulting in the creation of 668 new jobs for qualified professionals in the process.

To support this momentum, Flat6Labs and DisruptAD have increased the average initial investment in each organisation from $175k to $185k with the top performing startups, in every cycle, now receiving follow-on funding.

“Funding, while critical, is just one part of the success equation. The reason so many of the start-ups supported by our program, such as Washmen, RemotePass, and YourParts, have gone on to become massive successes is because of the world-class support ecosystem we have created together with our ecosystem partners,” said Sharif.

In addition to providing startups with mentorships from over 100 industry professionals and exclusive access to a network of nearly 100 venture capitalists and investors, the company has partnered with several government entities and private enterprises to offer exclusive benefits.

For example, through its MoU with Wio Bank, Flat6Labs has ensured its startups receive priority banking support and easier access to capital, while an MoU with Abu Dhabi Residences Office (ADRO) enables the company to fast-track the golden visa application process for entrepreneurs.

Offering insight into the value his organisation received from its participation in the Flat6Labs Ignite programme, Rabih Chaar, CEO at Nadeera said: “We’ve been in many programmes and the Flat6Labs Ignite programme is unique as it allowed us to build family-like friendships. We received honest feedback and the right mentorship sessions that helped our startup grow and advance.”

Read: Fourth cycle of Flat6Labs Ignite programme kicks off in Abu Dhabi