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.
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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.
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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.
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 →
Registry check on Mustang Startup Studio: legal entity, capital, board and managing director from the Official Gazette. USD 750, three working days. Full dossier with audited figures, competitors and risks: USD 3,000, five working days.
