Newly launched venture capital platform of the Abu Dhabi-based investment firm ADQ teams up with Flat6Labs to invest in and nurture 20 startups over three years.
DisruptAD, a newly launched venture capital platform of the Abu Dhabi based investment firm ADQ, has teamed up with Flat6Labs, seed investor and accelerator, to launch a AED120 million ($32.7 million) seed accelerator programme, Ignite, to invest and nurture the growth of 60 early-stage startups over the next three years.
Initially, Ignite will be offering selected startups the opportunity to benefit from a seed investment worth up to AED550,000, followed by funding of up to AED2 million. Participating startups are also set to receive support as well as mentorship from industry experts that would help them scale and grow their businesses and compete on a global scale.
“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.”
This new 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.