Investing Up to $100K in Construction Tech Startups in Egypt

Flat6Labs, the region’s leading seed and early-stage venture capital firm, has launched the “Makers” ConTech Accelerator Program in partnership with SIAC and Dar Al-Handasah (Shair and Partners). The program is the first-ever construction-focused accelerator program in the Middle East that aims to support advanced startups in the construction technology industry.

The “Makers” ConTech Accelerator Program will provide select startups with up to $100,000 in funding per startup as well as grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses. The program will last 12 weeks, startups will be chosen based on their unique new technology, hardworking founders, and exceptionally promising products, presented at a minimum viable product (MVP) level or higher.

The launch of the new program follows Makers’ first pre-accelerator program, which ran in early 2023 and which aimed to promote construction industry innovation through connecting and engaging with various industry stakeholders with extensive expertise, thereby creating sustainable innovation ecosystems for resolving construction-related challenges within SIAC, Dar, and the industry at large. The pre-accelerator program graduated nine of the most innovative ConTech startups in Egypt – including Reblox, Tawredaat, AION Innovation, Masafa, HomeLab, A.D Innovations, Makinahub, and JEEZAR. During the pre-accelerator, these startups were offered strategic mentorship, entrepreneurship-focused business training, one-on-one sessions with subject matter experts, as well as other benefits that would empower them to develop and present their innovative ideas and solutions.
With the launch of the new accelerator program, Flat6Labs intends to provide ongoing support to construction technology startups. The program will initially focus on Egyptian entrepreneurs, before expanding to the Kingdom of Saudi Arabia and subsequently to the wider MENA region.

Commenting on the new Makers Accelerator Program, Faysal Shair, Head of Digital Solutions at Dar, said, “We are thrilled to continue our exceptional collaboration with SIAC and Flat6Labs to accelerate the transformation of the construction industry. We believe that the program will promote innovation in the construction industry and foster talents in construction tech, empowering them to showcase their innovative solutions and work alongside industry leaders to bring those solutions to the market. We are looking forward to seeing what the selected startups will bring to the table.”

“We are proud to be a part of the journey towards digitizing the construction industry and unlocking more opportunities and potential for ConTech startups in Egypt,” stated Seif Ragab, Deputy CEO at SIAC. “The digital revolution of the construction industry is becoming more crucial than ever and we are excited to capitalize on this momentum and make major leaps. We are confident that the expansion of this program would essentially help the growth and development of the region’s constructing industry.”

“We are excited to announce the launch of an accelerator program in collaboration with SIAC and Dar Al-Handasah, with the hope that it will serve as a conduit for the development of cutting-edge innovation while driving growth and opportunities for promising startups,” said Yehia Houry, Chief Programs Officer at Flat6Labs. “We are proud of the success of the pre-accelerator program, and we believe that Makers will have a significant impact on the construction industry in Egypt, and eventually across the Middle East.”

Compared to other sectors like fintech, the construction industry typically moves at a slower pace when it comes to embracing innovation or digitalization. The Makers program strives to equip construction entrepreneurs with the necessary support in order to provide innovative solutions and fresh technologies that optimize and automate construction industry processes, making them more efficient and sustainable while propelling the sector forward.

About Flat6Labs:
Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. Flat6Labs invests in innovative and technology-driven startups enabling thousands of passionate entrepreneurs to achieve their daring ambitions and ultimately becoming their institutional co-founders.
Flat6Labs manages a number of seed funds with a total AUM in excess of $85M. More than 25 leading institutions have invested into the Flat6Labs managed funds; believing in the asset class and Flat6Labs’ proven track record as the market leader. Flat6Labs provides a wide range of investment ticket sizes ranging from $50K to $500k, supporting startups through their early journeys from Pre-Seed all the way to Pre-Series A stages. Alongside the investments, Flat6Labs’ exceptional startup programs, executed to cater specifically for the needs of the innovative entrepreneurs, helps them accelerate their growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors and corporates.
Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region; with ongoing plans to expand into other emerging markets.
For more information, visit www.flat6labs.com

About SIAC:

SIAC Construction is one of the leading regional construction private sector companies in Egypt and the Middle East. Since its establishment in 1986; SIAC gained a vast record of experience in the construction of mega projects; including top-quality finishing buildings, heavy industrial construction, power plants, infrastructure, and petrochemical projects.

SIAC’s aim is to create a difference in quality construction, by implementing the most modern management and construction systems, in order to ensure and improve its position as a leader in the construction field.

SIAC also is a member of SIAC Holding which was established to manage the diversified activities of the Group. These activities include construction, development, and building materials.
About Dar-Al-Handasah

Dar is one of the world’s leading consultancies, providing design, planning, engineering, and project management services for a wide variety of market sectors, including buildings and cities, transportation and civil infrastructure, and water and the environment, and project management. We are a global community of over 7,850 talented and innovative engineers, planners, economists, architects, designers, project management specialists, construction management professionals, and multidisciplinary experts. We take on some of the world’s most exciting and ambitious projects in order to nurture sustainable development, empower and connect communities, create more and better opportunities, and enhance lives. Our company’s portfolio includes over 4,500 projects, collectively worth $540 billion, delivered for over 950 clients. The firm’s commitment to excellence, client satisfaction, and sustainable development has earned it a reputation as a trusted and reliable partner in shaping a better future for communities around the world.

Dar is also the founder of Dar Group – a global network of industry-leading brands with over 18,600 employees in more than 300 offices around the world. According to the industry-standard Engineering News Record, Dar Group has ranked among the top 10 international design firms for over 15 years, and it currently ranks 1st in the Middle East and 3rd in Africa (ENR 2022).

Tripoli, May 2023. The new “Deraya – دِرَايَــة Entrepreneurship Initiative” for young entrepreneurs seeks to build a dynamic ecosystem of innovative entrepreneurs and startups in Libya.

Young entrepreneurs in Libya face many challenges, including accessing markets and financial resources, and navigating regulations and administrative procedures. The Deraya initiative is designed to equip entrepreneurs with the essential know-how to turn innovative ideas into successful startups. The initiative was jointly developed by the Ministry of Local Government (MoLG), and United Nations Development Programme (UNDP), in collaboration with the European Union (EU) and the African Development Bank (AfDB).
Targeting youth and vulnerable groups, Deraya is open to innovative and aspiring entrepreneurs aged between 18 and 35. Through interactive webinars, the initiative’s participants will be given an opportunity to engage with experienced entrepreneurs, subject matter experts, and role models from Libya, Egypt, and Tunisia and learn from their success stories, wealth of knowledge, and expertise. The initiative will also entail startup weekends in Tripoli, Benghazi, Sebha, and Derna, culminating with a pitch competition where the winning startups will receive financial support, financed by EU and AfDB, to further develop, grow, and take their business ideas to the next level. As a critical step towards sustainability, entrepreneurs will be linked to the municipal business incubators being set up with MoLG with UNDP’s technical support.
Commenting on the launch of the initiative, Dr. Bader Al-Deen Al-Tomi, Minister of Local Government, said: “The Deraya initiative plays a pivotal role in the Ministry of Local Government’s strategy to develop entrepreneurship and micro-enterprises at the local level, empower municipalities economically, and provide job opportunities in line with Law 59 and Resolution 1500 . We are delighted to work towards these goals in cooperation with our international partners, EU, AfDB and UNDP.”
EU Ambassador Mr. José Sabadell added: “Libya’s economic prosperity will be driven by young entrepreneurs with innovative, forward-looking ideas. They will be the key to a more diversified Libyan economy, a strong private sector and new jobs. Together with our Libyan and international partners, the European Union therefore seeks to offer strong and concrete support to young Libyan entrepreneurs, to realise their business ideas.”
Mr Mohamed El Azizi, Regional Director for North Africa at the African Development Bank, further commented: “Private sector development is key to boosting economic diversification and job creation in Libya. Supporting the trajectory of young Libyan men and women to develop and grow their start-ups has enormous socio-economic potential and will contribute to job creation. It is also important to ensure an adequate business enabling environment and institutional support. The EEYES project, financed by the AfDB through the Youth Entrepreneurship and Innovation Multidonor Trust Fund, and implemented by UNDP, supports these components.”
UNDP Resident Representative, Mr. Marc-André Franche, said: “Libya has a new generation of young people, women and men, , with promising capacity and big ambitions. The country has the potential to be one of the biggest entrepreneurial ecosystems in North Africa, and through the Deraya programme, UNDP seek to help inspire and provide young entrepreneurs with the necessary resources and assets to realise growth and innovation.”
The Deraya programme is part of UNDP’s Local Peacebuilding and Resilience efforts in partnership with MoLG, aimed at creating socio-economic opportunities for youth and vulnerable groups to promote sustainable growth in Libya, including the establishment of the first Municipality-led business incubator and the TEC+ Accelerator programme.

The Deraya initiative, co-funded by AfDB and EU, is designed and implemented in collaboration with a consortium consisting of Flat6Labs, Tatweer Research and MAZAM, bringing in years of experience and specialized knowledge in helping young entrepreneurs launch successful ventures in both the Middle East & Africa regions.

Further information and how to apply can be found on the website: deraya.ly.

Background
UNDP supports Libya’s transition towards peace, economic recovery, and sustainable development to help the country get on a more robust development path by supporting local authorities to restore essential services delivery and livelihood opportunities and promote peaceful co-existence. Job creation for youth is at the heart of UNDP’s local Peacebuilding efforts. This initiative is part of UNDP’s “Environment towards youth entrepreneurship support and positive migration governance project (EEYES)” programme financed by the African Development Bank (AfDB), and the Strengthening Local Capacity for Resilience and Recovery Project funded by the North of Africa Window of the European Union Emergency Trust Fund for Stability which contributes to addressing the root causes of irregular migration and displaced persons in Africa (EUTF – NOA). The Deraya initiative is implemented in partnership with Flat6Labs, Tatweer and Mazam.

Cairo, Egypt – 14th, March 2023: Flat6Labs, MENA’s leading seed investor, has announced the launch of a new US$95 million Seed Fund to nurture the growth and development of early-stage tech startups on the African continent. Flat6Labs has a proven track record in carefully vetting out and investing in promising startups in North Africa since it was founded 12 years ago, with more than US$16M invested in startups, and over US$191M raised in follow-on funding while creating more than 2,500 direct jobs and 80,000 indirect jobs through its first two funds in Egypt and Tunisia.

Headquartered in Egypt, the Africa Seed Fund (ASF) will focus on three main investment territories in Africa: North Africa, West Africa, and East Africa. Flat6Labs will be extending its reach into several new territories including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others. The ASF will be led by Ramez El-Serafy and Dina el-Shenoufy as General Partners for the fund. The fund will invest in more than 160 early-stage startups over the next five years that operate in the technology sector in Africa, with a focus on impactful sectors that accelerate digital inclusion through the use of information technologies and industries which contribute to addressing social and environmental challenges, such as HealthTech, FinTech, EdTech, GreenTech, AgriTech, ClimateTech, and other sectors.The significant influx of capital from the ASF has the potential to create more than 14,000 jobs, provide support to more than 1,200 founders with 20% female participation, and generate revenue of more than US$700M.

Ramez El-Serafy, General Partner for ASF, says, “We are extremely excited about the launch of the Africa Seed Fund. Africa is one of the most exciting regions to invest in tech and innovation, with huge untapped potential and unique business opportunities. We will leverage our experience and knowledge to guide the startup founders to create truly scalable, investment-ready, Africa-based companies.”
The African tech ecosystem has continued to grow in 2022. According to Partech 2022 Africa Venture Capital Report, funding for the African sector increased to US$6.5B in 2022, up from US$6.0B in 2021. Clearly, the deep forces driving growth of the African tech ecosystem have prevailed against the global headwinds.

With the Africa Seed Fund, Flat6Labs will be investing in 160 companies that are in Pre-Seed up to Pre-Series A stage, with tickets ranging from US$150K-US$500K through the Flat6Labs’ Africa Seed Program and will also be providing seed tickets to seasoned founders independently of the program. ASF will also be able to reinvest into portfolio companies in follow-on rounds.
Flat6Labs’ Africa Seed Program provides portfolio companies joining the program with seed funding, regional business support, access to a regional network of seasoned local mentors, as well as regulatory and logistical support to set up and grow their businesses. The program also adapts to be regional with a hybrid model allowing for physical on-the-ground interactions in local markets while combining virtual elements that allow for cohort interactions across the entire fund region. Two cohorts will be run annually, with an average of 10 to 15 startups per cohort. The first investments in the selected startups are planned to be made before the end of 2023.

Dina el-Shenoufy, General Partner for ASF, says, “The Africa Seed Fund is well-positioned to be a catalyst for driving long-term positive change that the youth of Africa really deserve, and to providing resources to the brightest of them, while accelerating the future of the African continent. The program is designed to provide entrepreneurs with the resources that they need to be able to grow and to scale-up their businesses to new heights.”
“We have observed that the entrepreneurial market has matured over the years with a new wave of founders that are more experienced. We will also cater for these founders and offer higher ticket sizes to support these companies and a different track to the program” el-Shenoufy added.

The Africa Seed Fund (ASF) is being established by Flat6Labs, project (SAIS), with the support of the GIZ on behalf of the German Government, and through the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Start-ups project (SAIS).

(Amman, Jordan – March 11, 2023) — Venture capital firm Flat6Labs recently held its third demo day on March 7, at the Four Seasons Amman, bringing together a wide array of mentors, investors, and entrepreneurs. The special event celebrated the seven startups’ successful completion of the Amman Seed Program. And it was an opportunity for these new companies to showcase their achievements and receive recognition for the hard work they demonstrated over the past several months.
The seven startups presented their innovative products and solutions during the event. Companies based on AdTech, FinTech, FashionTech, AutoTech, FoodTech, HealthTech, and LogTech. Cayyesh, InvoiceQ, Makesy, Markabte, Kitchmarket, Sawaaid, and Olivery showcased their cutting-edge services that cover a wide array of sectors mentioned above, paving the way for them to succeed in the digital age.
Commenting on the occasion, the General Manager of Flat6Labs, Rasha Manna, stated, “We are proud to witness the progress of the third cohort during the program. Demo day represents the culmination of the efforts they have put in during the program. Our support does not end here, we continue to work closely with our portfolio companies as they scale up. We are proud to be part of their journey, and we constantly seek talented entrepreneurs from the local community.”
The current cohort is the third cycle of the company’s Seed Program. Participants in the program are able to gain insight and benefit from the expertise and guidance of top-notch professionals in their respective fields. The program has also enabled these startups to grow exponentially in terms of their business goals, execution plans, and overall success.
During the four months period, the seven startups gained the opportunity to develop their business and elevate it to new heights. In addition, the program opened the door for them to gain customers, develop their products, expand their reach in the market, leverage the tools they are handed, and create a strategic plan. With the program’s resources, these startups are poised to lead successful businesses and accelerate their growth.

– StartMashreq seeks to support innovative entrepreneurs in Jordan, Lebanon, and Iraq, with a focus on empowering women, refugees, minorities, and displaced persons.

– The program will work to build a diverse digital community of entrepreneurial pioneers, while promoting socioeconomic development, prosperity, and sustainability through innovation and inclusion.

– StartMashreq will provide comprehensive business incubation and support to entrepreneurs, including enhancing access to investment opportunities and helping build local and regional partnerships.

Amman, Jordan – March 06, 2023 — Flat6Labs, the MENA region’s leading seed investor, has officially announced the launch of its StartMashreq entrepreneurship program. The regional program is being implemented over a two-year period in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, and the government of the Netherlands. As the first program of its kind, StartMashreq will offer comprehensive support to entrepreneurs across a broad segment of society throughout the Levant region. Targeting underserved demographics in Jordan, Lebanon, and Iraq—including women, refugees, minorities, and internally displaced persons—StartMashreq is open to entrepreneurs between the ages of 18 and 45 who are seeking to develop their innovative ideas and projects.

The program seeks to provide wide-reaching opportunities, capabilities, and support to beneficiaries. StartMashreq will focus heavily on entrepreneurs working in education, fintech, financial inclusion, healthcare technology, agriculture, environment, and information and communication technology. By prioritizing the success, growth, and sustainability of projects in these fields, the program aims to diversify economic opportunities in the targeted countries and contribute to their overall socioeconomic development.

The program will work along three main tracks—StartMashreq Academy, the Growth Support Program, and the Incubation Program—ultimately forming a strong, well-rounded base of support for creative entrepreneurs.
Through StartMashreq Academy, individuals who aspire to sharpen their personal and professional skills will be able to benefit from a wide range of resources, on www.startmashreq.com. The platform includes tools like data and infographics; digital and interactive sessions, seminars, and talks led by experienced business leaders; pre-recorded training courses across a variety of specialized topics; and blog posts and articles written by experts from across the region.

During the StartMashreq Incubation program, which will be carried out across four cycles, participants will receive the training and resources they need to develop a comprehensive business plan and growth strategy. Trainers and mentors will be available to guide participants through interactive, one-on-one sessions, while group sessions will allow these entrepreneurs to share their experiences and exchange expertise.

For more mature startups, StartMashreq’s Growth Support Program will help participants pursue advanced opportunities for growth. The program will provide a total of 20 startups throughout the region with access to a series of workshops and meetings tailored to address their unique challenges and needs. These participants will gain access to international networking channels and events, where they will be able to meet potential partners, customers, and investors. Most importantly, participants will receive local and international legal support at no cost.

“Entrepreneurs can be game changers when it comes to job creation and economic growth in the Levant region. However, underserved groups, like women, young people, and the forcibly displaced, struggle to access the support they need to start a business. I am proud that IFC is partnering with Flat6Labs to launch the StartMashreq program to help startups get critical training, mentorship, and funding,” said Khawaja Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan, and Afghanistan.

Commenting on the launch of the program, Yehia Houry, Flat6Labs Chief Programs Officer, said, “The Arab world, and the Levant region in particular, has always been full of promising young people with big ambitions. Unfortunately, many of the youth in our region lack access to the tools, resources, and opportunities they need to succeed. At Flat6Labs, we believe in the importance of providing a complete system of support for all segments of society and all stages of the entrepreneurial process, which is why we are proud to launch the StartMashreq program, which complements our existing investment programs in Jordan and Lebanon. Through this initiative, we hope to inspire an entrepreneurial movement and provide the tools and resources necessary to nurture that movement.”

The StartMashreq platform will be open to all interested candidates across Jordan, Lebanon, and Iraq to access free educational content and tools, helping them enrich their expertise. To apply for the Incubation and Growth Support programs, interested individuals and entrepreneurs should create an account on the StartMashreq website and complete the registration form. The support from the IFC and the government of the Netherlands for StartMashreq falls under the PROSPECTS Partnership. PROSPECTS is a global partnership that aims to improve the access of host communities and forcibly displaced people to education, social protection, and decent work. The partnership is spearheaded by the Government of the Netherlands, and it brings together IFC, the International Labour Organization (ILO), the UN Refugee Agency (UNHCR), the UN Children’s Fund (UNICEF), and the World Bank.

Flat6Labs, the MENA region’s leading seed and early-stage venture capital firm, hosted its 18th and 19th cycle startups on February 15th, 2023, at the Flat6Labs 2023 Demo Day in Cairo at the Grand Egyptian Museum. This Demo Day event introduced 12 growth-driven tech startups from the Flat6Labs Seed Program in Cairo, operating in an array of industries, namely Fintech, SaaS, E-commerce, Transportation, Food and Beverage, AgriTech, AI & Machine Learning, Recruitment, and EdTech. The portfolio companies showcased their innovative products and solutions to an audience of more than 500 attendees, including investors from Egypt and the region, representatives from our partners, and enablers in the startup ecosystem.

This Demo Day event marked the culmination of the 5 year investment period of the Flat6Labs Accelerator Company (FAC) Fund in Egypt, where Flat6Labs has successfully invested EGP 152M in seed and follow-on funding in 91 startups, 47% of which raised EGP 1.1Bn in follow-on funding.

Flat6Labs’ CIO, Dina el-Shenoufy said, “I’m proud to say that Flat6Labs has played a pivotal role in stimulating the Egyptian economy through the investments we’ve made over the past 5 years, supporting 200+ entrepreneurs in 16 different industries, creating over 81,500 indirect jobs and over 1,700 direct jobs, 31% of which are held by women. We look forward to continuing to support our 91 innovative portfolio startups, being part of their growth journey, and making an even bigger impact across Africa and the region.”

Over the course of the last year of the Cairo Seed Program, the Flat6Labs team has been working closely with the 12 startups, helping them develop their core business solutions and expand their operations by offering them business and technical training and mentorship sessions led by some of the best business leaders and industry experts in Egypt and the region.

The Flat6Labs 2023 Demo Day in Cairo was sponsored by our partner, SANAD Entrepreneurship Academy.

The 12 startups that showcased in the Flat6Labs 2023 Demo Day in Cairo are:

FilTareeq:

Facilitating the order delivery process for small and medium sellers.

HUMM:

Humm is a food-focused multimedia company at the intersection of tech, e-commerce, and the creator economy.

WellPal:

We are the only Online Healthy Food Marketplace.

Seater:

A tech-based transportation services solution for uniformly transporting commuters, students, and supply fleets for companies.

Copal:

The Friends and Family money application.

TechieMatter:

MENA’s leading tech recruitment web solution trusted by 100s of companies in 10+ countries worldwide.

BabRizk:

BabRizk is the first blue collar recruitment application with loyalty programs and fintech services.

BaytMisr:

Facilitating and Automating Mortgage Financing Online.

Fuelin:

Fuelin is a smart platform to help Companies better manage and monitor their fleet fuel consumption.

Agel:

Sharia-compliant trade finance platform, availing working capital merchandise credit limits to empower small business growth.

Katteb:

Katteb is an AI Writer that consistently learns. It can write about any recent or future events using state of the art AI technology.

Melior:

Melior is a straight-forward, effective, and robust patient engagement software.

Flat6Labs, the MENA region’s leading seed and early-stage venture capital firm, and PwC have signed a Memorandum of Understanding (MoU) to provide support to start-ups with high growth potential in the region.

“Flat6Labs has a proven track record in carefully vetting out and investing in promising start-ups, and thereby enabling thousands of passionate founders to achieve their daring ambitions, while supporting the region’s flourishing entrepreneurship ecosystem,” said Yehia Houry, Chief Program Officer at Flat6Labs. “Our partnership with PwC plays to the strengths of both our organisations, with the end result being significant value to our portfolio start-ups, as well as to enterprises across the region that will stand to benefit from the disruptive innovations they bring to market.”

Under the terms of the agreement, Flat6Labs will work to identify and position start-ups from its portfolio as potential solution providers under PwC. Initially, the focus of this endeavour will be on startups that operate across the rapidly evolving financial services and telco sectors. The companies will also set up a joint working group that will engage with prospective enterprises and priority clients to develop corporate innovation programs and innovation challenges.

World-class mentorship is a defining element of Flat6Labs’ incubator programs across the region, and the MoU seeks to strengthen the company’s value propositions in this area as well. PwC’s sector and industry experts will participate as coaches, mentors, and trainers in various Flat6Labs programs, thereby giving start-ups unrivalled access to some of the industry’s foremost advisors and thought leaders. PwC Middle East will also extend its unparalleled expertise to Flat6Labs start-ups in preparing for and navigating the later stage funding rounds, from Series A, all the way up to IPO preparedness, having worked with over 20 global unicorns.

Mark Stanley, Financial Services Partner at PwC Middle East said, “Our strategic partnership with Flat6Labs is part of PwC’s Ventures strategy and indicative of our commitment to growing capabilities beyond our own, empowering start-ups and building a world-class regional ecosystem. We believe there is untapped talent and disruptive capabilities in start-ups that lack access to the established industry incumbents that PwC proudly serves. The established VCs operating in this region are a really effective route to source, qualify and partner with these emerging startups. Together with Flat6Labs, we will mobilise our strategy through execution capabilities, to help our clients design, build and scale new ventures, powered by the market’s leading startups.”

To date, Flat6Labs has invested in 355 start-ups through its various programs across the MENA region. Collectively, these firms have gone on to raise over US$180million in funding and many of these organisations are today enterprise-scale businesses that continue to pioneer advancements in their respective sectors.

Flat6Labs announces the first close of the “Startup Seed Fund” in Saudi Arabia, with the participation of the Saudi Venture Capital Company (SVC), subsidiary of the Small and Medium Enterprises (SME) Bank, one of the development banks affiliated with the National Development Fund, and the “Jada” Fund of Funds, wholly owned by the Public Investment Fund (PIF). The fund enables startups to receive follow-on funding up to SAR 2.4 million, and the support and training programs provided by the program for select companies.

The Startup Seed Fund is a SAR 75 million fund dedicated to invest in early stage startups operating in the technology and innovation sectors within the Kingdom of Saudi Arabia. The fund will adopt a highly diversified, systematic investment plan that aims to reduce the risks faced by venture capital and reduce the administrative and legal costs incurred by early-stage startups.

The fund aims to develop the capabilities of more than 180 entrepreneurs, create more than 6,000 jobs in the private sector in the Kingdom of Saudi Arabia, and enable Saudi companies to expand in the region through Flat6Labs regional offices. This will contribute to completing the structural transformation that the Kingdom aspires to by increasing the share of the digital economy in GDP and enhancing the contribution of the non-oil private sector.

The first cycle of the Flat6Labs seed program has successfully started in Riyadh, investing in 10 innovative Saudi startups, with an investment value exceeding SAR 500,000 per startup. Selected startups also received a 4-month entrepreneurship training program that focused on several commercial, administrative, financial, and legal axes.

The first cycle of the Flat6Labs seed program in Riyadh saw startups operating in various industries, such as software as a system (SaaS), fintech, e-commerce, and EdTech.

Flat6Labs continues to support Saudi entrepreneurs, and we are accepting applications for the second cycle of the Flat6Labs seed program in Riyadh. The program supports a new batch of startups located in the Kingdom of Saudi Arabia that seek opportunities for expansion and investment we offer to startups in the Middle East and North Africa region.

Abu Dhabi, United Arab Emirates – In a bid to further strengthen Abu Dhabi’s entrepreneurship ecosystem, Flat6Labs, the MENA region’s leading seed-stage program and early-stage venture capital firm, and Wio Bank, the region’s first platform bank, have signed a Memorandum of Understanding (MoU).

Under the agreement, start-ups from Flat6Labs Ignite, a specialised seed program run by Flat6Labs in a partnership with DisruptAD, will have the opportunity to take advantage of Wio’s innovative banking products and services under Wio Business, the bank’s first digital banking application, which is designed to provide a seamless and innovative experience tailored to the specific needs of start-ups and SMEs.

“There is potentially no other factor that more heavily decides the fate of a start-up than its ability to effectively manage its finances. These organisations need banking partners that have a start-up ethos — centred around agility, flexibility, and innovation,” said Ryaan Sharif, General Manager at Flat6Labs UAE. “Our long-standing expertise in empowering start-ups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services, but serving as a holistic banking management platform for the modern SME.”

Under its flagship seed program, Ignite, Flat6Labs is set to support up to 60 start-ups in Abu Dhabi by 2024, with 27 disruptive organisations already having successfully invested in the 3 cycles that have already concluded. By partnering with Wio Bank, Flat6Labs has ensured that start-ups selected for this program will now enjoy Wio Business’ prioritised processing of account opening applications, as well as around-the-clock access to dedicated support services. “This is especially beneficial to the start-ups we attract from international markets as it enables them to seamless transition into establishing their headquarters in Abu Dhabi without any disruption to financial operations,” said Sharif.

Wio Bank has invested in establishing a team of high-qualified technology experts with a broad range of skills related to digital transformation and financial innovation. Under the agreement, Wio Bank will make these professionals available as subject-matter experts and mentors to Ignite program start-ups, thereby further strengthening the value-proposition of the program.

Prateek Vahie, Chief Commercial Officer of Wio Bank said, “Being a disruptor in the financial sector, we believe we have a critical role to play in supporting the start-up ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring that our SME customers find the most viable options for the support they need, be it through funding via traditional credits or loans, peer to peer lending, angel investments, or incubators. As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”

Wio Business provides start-ups, freelancers, and SMEs access to banking services seamlessly while giving them the opportunity to move forward with innovative beyond-banking services. The app, which streamlines all business banking services in one place, will also integrate payment information and services, enabling businesses to manage everything in one place, on-the-go.

 

About Wio Bank PJSC:

Wio Bank PJSC is an integrated digital banking platform jointly owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, Etisalat, and First Abu Dhabi Bank (FAB) with an initial capital outlay of AED 2.3 billion. The bank is regulated by the Central Bank of the UAE.

About Flat6Labs

Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned start-up programs in the region. Annually, Flat6Labs invests in more than 100 innovative and technology-driven start-ups enabling thousands of passionate entrepreneurs to achieve their daring ambitions and ultimately becoming their institutional co-founders.

Flat6Labs manages a number of seed funds with a total AUM in excess of $85M. More than 25 leading institutions have invested into the Flat6Labs managed fund. Alongside investments, Flat6Labs’ start-up programs, executed to cater specifically to the needs of innovative entrepreneurs, help them accelerate their growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors and corporates.

Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region; with ongoing plans to expand into other emerging markets.

Cairo, Egypt – 12 December 2022
ELSEWEDY ELECTRIC – the leading energy & infrastructure solution provider, The Knowledge Hub Universities (TKH), and Elsewedy Education’s initiative – the Innovation Hub – launch a “Clean and Deep Tech Hackathon Program” (Climathon) in collaboration with Flat6Labs – the region’s leading seed and early-stage venture capital firm. The program aims to provide Coventry University branch students hosted at The Knowledge Hub Universities, and ELSEWEDY ELECTRIC’s Graduate Development Program (GDP) with the unique opportunity to present and pitch their innovative tech solutions addressing one of today’s greatest challenges – climate change.

The Climathon will take place over 3 days, hosting up to 30 teams competing across a series of tailored sessions and interactive workshops. The Climathon core themes focuses specifically on Smart Cities, Agritech, Industry 4.0, Energy & Water Management. The Knowledge Hub Universities will host the Climathon at its premises providing technical support and facilities for the program including labs, equipment, classrooms, and catering areas. Aiming to foster and drive innovative mindsets, as well as to bridge the gap between the business and educational sector, the teams will have access to the required tools, resources and mentorship supporting their proposed solutions in the Clean and Deep Tech domain.
Believing that fostering technology will enable its employees to be a global and competitive work force, ELSEWEDY ELECTRIC aims to increase its intellectual capital value through identifying viable and innovative solutions for today’s challenges while providing technical support, coaching, guidance, employment opportunities in addition to monetary prizes for the winning teams. Banking on its successful track record, Flat6Labs will provide an effective program and setup, as well as insightful training and mentorship, alongside the onsite management to help the tech-driven entrepreneurs grow.
Mr. Emad Ghaly, Chief Innovation Officer, Elsewedy Electric commented, “We are aiming to foster the revolution in technology and environmental sustainability through the Climathon, bringing together ELSEWEDY ELECTRIC and The Knowledge Hub. By convening spaces where youth can champion the fight for climate justice, and use of technology to develop new ventures and solutions for local and global challenges we empower them to drive sustainable change and stimulate their brilliant minds to express their innovative ideas. We are certain that they can contribute to the development of ground-breaking technological solutions for our modern world climate challenges.”
“We are all responsible for fighting the environmental challenges our world is facing today and we -at El Sewedy Education and The Knowledge Hub Universities- are keen on providing youth with the skills and resources to be able to tackle such challenges through The Climathon. Partnering up with Flat6Labs and Elsewedy Electric will bring young brilliant minds together to elevate their ideas and solutions towards a sustainable future of our planet” said Ihab Salama, Chief Executive Officer at El Sewedy Education and Vice Chairman – The Knowledge Hub Universities Board of Trustees.

‘’Climate change is currently a major challenge on the world’s agenda. Egypt is following the steps of other global economies in efforts to mitigate the impact, hosting COP27 this year and launching multiple projects. There’s a dire need for all experts from the public and private sectors as well as youth to join forces to meet ESG goals. Our program provides bright minds and future potential leaders with essential guidance, expertise, and knowledge to support a sustainable and green economy, in alignment with Egypt’s National Strategy for Climate Change 2050.” stated Hassan Mansi, Flat6Labs Head of Ecosystem Development Programs.

About ELSEWEDY ELECTRIC
Elsewedy Electric (EGX: SWDY.CA) is a leader in integrated infrastructure solutions, focused on delivering turnkey projects on fast-track basis. For over 80 years, Elsewedy Electric has been committed to sustainable solutions that create opportunities, support communities & strengthen economies. Across Africa, Middle East & Asia, the company operates in 5 business lines: wire, cable, & accessories, electrical products, engineering & construction, digital solutions, and infrastructure investments. Elsewedy Electric employs 17,000 people, operating in 48 international offices and 31 production facilities, exporting to over 110 countries worldwide.
Headquartered in Egypt, Elsewedy Electric announced revenue of EGP 60.5 billion with net profit of EGP 3.5 billion in December 2021.
News about Elsewedy Electric is available on www.elsewedyelectric.com

About TKH

TKH is a multidisciplinary educational hub hosting branches of world-class universities, each to participate with programmes in their areas of strength, providing an intellectually stimulating, enriching, and credible educational experience.
The Knowledge Hub provides a healthy learning environment for students to maximize their potential, develop critical thinking skills, and become future leaders in their respective communities. Creating a connected community of students and faculty from diverse backgrounds, where experiences and ideas are openly exchanged.

About Flat6Labs
Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. Flat6Labs invests in innovative and technology-driven startups enabling thousands of passionate entrepreneurs to achieve their daring ambitions and ultimately becoming their institutional co-founders.
Flat6Labs manages a number of seed funds with a total AUM in excess of $85M. More than 25 leading institutions have invested into the Flat6Labs managed funds: believing in the asset class and Flat6Labs’ proven track record as the market leader. Flat6Labs provides a wide range of investment ticket sizes ranging from $50K to $500k, supporting startups through their early journeys from Pre-Seed all the way to Pre-Series A stages. Alongside the investments, Flat6Labs’ exceptional startup programs, executed to cater specifically for the needs of the innovative entrepreneurs, helps them accelerate their growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors, and corporates.
Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region; with ongoing plans to expand into other emerging markets.