MENA’S Flat6Labs has closed EGP100m Cairo fund to support over 100 Egyptian early stage-startups over the upcoming five years by providing seed funding of up to EGP 1mn per startup, training, mentorship and a suite of services allowing Egyptian startups to reach their customer base and scale their operations locally and regionally.
With the first close, Flat6Labs Cairo would create a steady pipeline of investor-ready startups bolstering the startup scene, as well as creating more than 1,000 high impact jobs in the Egyptian market.
“Today’s announcement marks a significant step forward for Egyptian entrepreneurs and startups and we’re thrilled to be spearheading it with our flagship accelerator program in Cairo.” said Mr. Ahmed El Alfi, Founder of Flat6Labs. “The new investment from the Ministry of Investment and International Cooperation and EAEF reflects their strong commitment to support the local Egyptian talent and improve capital availability for Egyptian startups.
Flat6Labs Cairo’s ninth accelerator cycle is scheduled to start later this summer accepting a new batch of promising Egyptian startups. The cycle has witnessed an unprecedented number of applicants, with over 500 companies competing for a space in the accelerator and to receive seed funding from the newly launched fund.
Flat6Labs Accelerator Company (FAC) first closing coincides with the newly committed investments from Egypt Ventures Egypt Ventures- a company of the Egyptian Ministry of Investment and International Cooperation (MIIC) and managed by NI Capital; and the Egyptian-American Enterprise Fund (EAEF).
MIIC aims to support entrepreneurs to develop their skills, provide an adequate environment for rendering their projects successful, help them choose an adequate labor market, improve their business and increase startups, and provide administrative support, legal consultations and trainings.
The commitment from MIIC coincides with an equal investment from the Egyptian-American Enterprise Fund (EAEF). EAEF has identified Flat6Labs as a pivotal player in the value-chain: feeding risk-taking entrepreneurs into the job creating private sector that EAEF looks to develop. EAEF looks to address gaps in financing and we identified the shortage of seed stage capital in Egypt.
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Investments by Egypt Ventures and EAEF follow the commitments made in December 2016 by IFC through its “Startup Catalyst” initiative; and the Medium, Small and Micro Enterprises Development Agency to support Flat6Labs Cairo’s mission to back Egyptian entrepreneurs through its accelerator program.
