Devsy and Mrrha Secure Investment from Flat6Labs
Deal News | Dec 02, 2024 | Aim Group
Flat6Labs, a venture capital firm based in Cairo, has invested in two promising startups in Saudi Arabia as part of its Riyadh Seed Program. The startups, Devsy, a rectech company, and Mrrha, an online marketplace, will each receive a minimum financial injection of $133,000. Both companies will participate in a four-month acceleration program aimed at enhancing their operational efficiency and scalability. Devsy provides a Human Resource Management Information System (HRMIS) to assist clients in onboarding vetted talent, streamline visa processes for overseas staff, and aid in securing office space. Meanwhile, Mrrha operates a client-to-client business model with services like automated escrow and integrated shipping, catering to a diverse range of product categories from electronics to handicrafts. The initiative marks Flat6Labs' commitment to fostering innovation and entrepreneurship in the Middle East and North Africa region, where it operates in seven locations.
Sectors
- Venture Capital
- Recruitment Technology (Rectech)
- E-commerce
- Human Resources
Geography
- Saudi Arabia – The target companies, Devsy and Mrrha, are based in Saudi Arabia.
- Middle East and North Africa – Flat6Labs operates in this region, with its headquarters in Cairo and locations across the area.
Industry
- Venture Capital – Flat6Labs, as a venture capital firm, is investing in startups to support their growth and development.
- Recruitment Technology (Rectech) – Devsy operates in the recruitment tech industry, providing tools to streamline talent onboarding processes.
- E-commerce – Mrrha is an online marketplace facilitating C2C commerce in various product categories.
- Human Resources – Devsy's HRMIS product places it within the human resources industry, providing solutions for talent management.
Financials
- $133,000 – Minimum investment amount each for Devsy and Mrrha by Flat6Labs.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Flat6Labs | Investor | Company | Venture capital firm based in Cairo, focused on investments in the Middle East and North Africa. |
| Devsy | Startup | Company | A Saudi Arabian rectech company providing HRMIS services to streamline talent onboarding. |
| Mrrha | Startup | Company | An online marketplace in Saudi Arabia offering C2C commerce with automated escrow and shipping services. |