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Companies›Mustang Startup Studio

Mustang Startup Studio

AcceleratorsStartup studio (founder-led, not incorporated)Mustang Startup Studio ›In the registry
Entity IDIR-CO-2401
SectorAccelerators
FoundedCoverage pending
HQTehran
VerificationReported
Last reviewed2026-09-28

Mustang Startup Studio is a founder-led startup studio in Tehran that builds, launches and grows technology startups. Its portfolio is Flicka and Harf Be Harf. It is not incorporated: its founder, Nafiseh Ofoghi, states that it operates as a brand, is self-funded, and has a workspace in eastern Tehran that is ready and usable and is looking for teams to base there.

Tehran Index tracks this company as part of a source-linked research record on Iran’s technology economy. Access opens to a limited first cohort. Register for access, or browse the registry.

SnapshotBusinessLeadershipGroupOwnershipSources
Decision snapshot
Legal status
Not incorporated. Operator not yet registered. The founder states that the studio operates as a brand rather than as a separately incorporated legal entity.
As stated on 16 September 2026Founder disclosure
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16

Every field carries an explicit evidence state and its source. Self-reported figures are labelled as such; nothing is presented with more certainty than its source supports.

Business model & group
Model and portfolioAs stated on 16 September 2026Founder disclosure
The founder describes the studio as building, launching and growing technology startups. Its portfolio, as she states it, is Flicka and Harf Be Harf, which are now developed and operated as part of the studio. Because the studio is not a legal entity, this is a portfolio under one founder, not ownership by a company.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16Company-stated, unaudited, as of 16 September 2026. Flicka and Harf Be Harf have their own records.
WorkspaceAs stated on 27 September 2026Founder disclosure
The founder states that the studio's workspace of about 500 square metres in eastern Tehran is ready and usable, including an event and workshop area of about 100 square metres that is available for rental. What is being developed is the studio's ecosystem: it is identifying and attracting teams and startups to base in the space.
Email to the desk from Nafiseh Ofoghi, founder, 27 September 2026 · retrieved 2026-09-28Updated 2026-09-28. On 27 September the founder clarified that the space itself is ready and usable; the earlier wording (22 September) read as a space still being prepared. Company-stated, unaudited.
Leadership
FounderAs stated on 16 September 2026Founder disclosure
Nafiseh Ofoghi, founder. The studio is founder-led and currently operated by the founder.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16Company-stated, unaudited, as of 16 September 2026. Founder identity is a public business role, recorded with her consent.
Corporate family
Mustang Startup Studio
FlickaE-commerceHarf Be HarfAI

Tracked entities in the same corporate family. Ownership percentages appear in Ownership & capital only when disclosed.

Ownership & capital
FundingAs stated on 16 September 2026Founder disclosure
Self-funded by the founder.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16Company-stated, unaudited, as of 16 September 2026.
Source ledger, every field, its evidence
Legal statusFounder disclosureAs stated on 16 September 2026
Not incorporated. Operator not yet registered. The founder states that the studio operates as a brand rather than as a separately incorporated legal entity.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16retrieved 2026-09-16
FounderFounder disclosureAs stated on 16 September 2026
Nafiseh Ofoghi, founder. The studio is founder-led and currently operated by the founder.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16retrieved 2026-09-16
FundingFounder disclosureAs stated on 16 September 2026
Self-funded by the founder.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16retrieved 2026-09-16
Model and portfolioFounder disclosureAs stated on 16 September 2026
The founder describes the studio as building, launching and growing technology startups. Its portfolio, as she states it, is Flicka and Harf Be Harf, which are now developed and operated as part of the studio. Because the studio is not a legal entity, this is a portfolio under one founder, not ownership by a company.
Email to the desk from Nafiseh Ofoghi, founder, 16 September 2026 · retrieved 2026-09-16retrieved 2026-09-16
WorkspaceFounder disclosureAs stated on 27 September 2026
The founder states that the studio's workspace of about 500 square metres in eastern Tehran is ready and usable, including an event and workshop area of about 100 square metres that is available for rental. What is being developed is the studio's ecosystem: it is identifying and attracting teams and startups to base in the space.
Email to the desk from Nafiseh Ofoghi, founder, 27 September 2026 · retrieved 2026-09-28retrieved 2026-09-28

Last full review: 2026-09-28 · Tehran Index research desk · corrections: desk@tehranindex.com

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Registered entity
StatusNot incorporated · operator not yet registered
OwnershipFounded, operated and self-funded by Nafiseh Ofoghi, as she states. No legal entity exists to hold shares.
Entity notesNot incorporated. Operator not yet registered: the founder states that the studio operates as a brand rather than as a separately incorporated legal entity. Portfolio records: Flicka and Harf Be Harf.
Evidence & verification
Verification tierReported, single public source
Primary evidencemustang.ir
Registry identifiersWithheld for compliance

Fields on this profile derive from linked public sources or the official company registry; unknown values stay blank rather than guessed, and estimates are always labelled. How we verify →

Quick facts
Tehran, Iran
mustang.irLinkedIn
Institutional access

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