ADQ’s venture capital platform DisruptAD is joining with Flat6Labs, the Middle East and North Africa (MENA) region’s leading seed investor, to launch Ignite, a new startup accelerator that will support early-stage companies in Abu Dhabi.
Under the Ignite program, the startups will get access to $32.6 million worth funding and other benefits including office space and mentorship. The program which runs over in a three-year period will be investing in 20 early-stage companies every year.
Ignite will be the first of many accelerator partnerships for DisruptAD which has set the goal to support and nurture 1,000 startups over the next five years and build a thriving local community of founders, fund managers, incubators, and accelerators in Abu Dhabi.
The launch of Ignite in partnership with Flat6Labs supports DisruptAD’s long-term ambition to maximize value creation and deliver long-term economic benefits for the UAE by seeding businesses that are technology pioneers.
“We are delighted to partner with DisruptAD for the launch of this three-year program. Flat6Labs’ presence in Abu Dhabi opens up exciting new possibilities, not only for this program but for the long-term evolution of Abu Dhabi as a global start-up destination. Together, we will harness our accumulated knowledge and experience to better serve the entrepreneurial ecosystem and create unique opportunities for promising startups.”
The companies participating in the first cycle of the program will get the opportunity to benefit from a seed investment worth up to $149,740 along with follow-on funding. Startups will also receive tailored support designed to help them effectively scale and grow their businesses to become regional and global champions.
As part of the program, the early-stage companies will benefit from opportunities for regional exposure and world-class mentorship through Flat6Labs’ international connections and top-tier coaching. The program will organize Flat6Labs Demo Days, support fundraising and business build-out, and ultimately offer the full spectrum of support needed for startups to thrive and flourish in Abu Dhabi.