Beta Lab, A Venture Capital Fund And Co-Creation Studio Focused On Deep Tech Startups, Launches In Riyadh Beta Lab is currently accepting applications from entrepreneurs and startups from around the world through its website, blab.com.sa.

Beta Lab, a venture capital and co-creation studio dedicated to fostering deep technology startups, has launched in Saudi Arabia with the support of Saudi Ministry of Investment, Future Investment Initiative (FII) Institute, KBW Ventures, and a number of other global partners.

Led by CEO Abdulrahman Alolayan, Beta Lab is set to provide a range of services in the realms of product development, business development, capital, and more, to help entrepreneurs turn their innovative ideas into successful businesses. In addition, the studio's team of experienced professionals will work closely with each startup to help them navigate the unique challenges of the startup lifecycle.

"We are excited to launch Beta Lab, and to play a role in shaping the future of the startup ecosystem in Saudi and the region," said Alolayan, who was also the Founding CEO of Taibah Valley and Dammam Valley. "Deep tech has the potential to change the world in countless ways, and we believe that by providing the resources and support that these startups need, we can help them achieve their full potential."

HE Khalid Al-Falih, Minister of Investment in KSA, at the launch of Beta Lab. Source: Beta Lab

Beta Lab's launch in Riyadh saw the attendance of a range of dignitaries from the KSA ecosystem including H.E. Khalid Al-Falih, Saudi Arabia Minister of Investment, Rakan Tarabzoni, COO of FII Institute, and KBW Ventures founder and CEO HRH Prince Khaled bin Alwaleed, who is known as the region's first venture capitalist to invest in deep technology startups.

Commenting on the studio's launch, H.E. Al Falih said, "Beta Lab's launch is in line with the Kingdom's Vision 2030, which aims to diversify the economy, and support the growth of innovative startups. We are confident that the studio's focus on deep technology will bring significant value to the Kingdom's startup ecosystem, and help drive economic growth."

HRH Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO of KBW Ventures, at the launch of Beta Lab. Source: Beta Lab

Beta Lab aims to attract global startups to Riyadh in order to capitalize on the Kingdom's strategy to act as a regional hub for global talent, while also fostering local potential with a homegrown launchpad. It is currently accepting applications from entrepreneurs and startups from around the world through its website.

Related: Infographic: Saudi Arabia's Startup Investment Ecosystem Development Timeline