DisruptAD, the newly-launched venture capital platform of Abu Dhabi-based investment firm ADQ, has teamed up with Cairo’s seed investor and accelerator Flat6Labs, to launch Dh120 million ($32.7 million) seed accelerator programme, Ignite, to invest and nurture the growth of 60 early-stage startups over the next three years.
Selected startups will be offered the opportunity to benefit from a seed investment worth up to Dh550,000, along with follow-on funding of up to Dh2 million. Additionally, startups are set to receive support and mentorship from industry experts that would help them scale and grow their businesses and compete on a global scale.
During the programme, startups will gain regional exposure through Flat6Labs’ international connections as well as access to DisruptAD’s network and resources. The programmme will organise Flat6Labs Demo Days.
“We are delighted to partner with DisruptAD for the launch of this three-year programme,” said Ramez El-Serafy, Flat6Labs CEO. “Flat6Labs’ presence in Abu Dhabi opens up exciting new possibilities, not only for this programme but for the long-term evolution of Abu Dhabi as a global startup destination. Together, we will harness our accumulated knowledge and experience to better serve the entrepreneurial ecosystem and create unique opportunities for promising startups,”
The programme is part of DisruptAD’s broader strategy to nurture and support the growth of 1,000 start-ups over the next five years. Applications for the first cycle are due by the 30th of April, 2021.