On November 19th, 2021 (Cairo, Egypt), His Royal Highness, Prince Charles of Wales, was the guest of honor at StartEgypt’s Third Annual Forum 2021 at the GrEEK Campus in Cairo. The program is funded by the British Embassy in Cairo in partnership with the IFC and is powered by Flat6Labs. Ten startups were selected to present at the event after being part of StartEgypt’s incubation program in Cairo, Asyut and Alex during 2020 – 2021.
This visit was part of the two-day visit to Egypt that HRH Prince Charles of Wales had in his first tour abroad since the COVID-19 pandemic began. Mr. Ahmed El Alfi, the Founder and Chairman of the GrEEK Campus and Flat6Labs, had the honor to welcome HRH Prince Charles of Wales in the presence of Dr. Yasmine Fouad, the Minister of Environment and Mr. Gareth Bailey, the British Ambassador in Cairo.
During the visit, HRH Prince Charles of Wales met with a group of entrepreneurs and founders of the StartEgypt startups from different industries such as Sustainable Development, IT and Digital Transformation and more. HRH commended the ideas and solutions presented by the entrepreneurs which were aligned with HRH Prince Charles of Wales’s Sustainable Markets Initiative.
Leading KSA-based Asset Manager BLOMINVEST has announced a new partnership with Flat6Labs, one of the MENA region’s largest seed-stage VC firms, to launch funds targeting early-stage start-ups in the Saudi market. Flat6Labs runs some of the region’s most notable startup programs and invests in 100 tech startups a year. Its seed-stage VC funds and programs support startups during their initial operations, through a highly diversified and structured investment process that aims to reduce the challenges and costs typically faced by early-stage startups.
Abdullah Al-Rashoud, CEO of BLOMINVEST, added: “This partnership came in light of the recent structural reforms in the Kingdom of Saudi Arabia which has positioned the country as major contender for establishing and operating regional startups, supported by the significant increase in venture capital funds and the increase in merger and acquisition activity targeting emerging companies in the Saudi market. We expect greater market depth to come as more international companies look to launch their regional businesses from the Kingdom of Saudi Arabia to serve the rest of the Middle East and North Africa region.”
Eyad Albayouk, General Manager of Flat6Labs KSA, also explained that “We are excited about our partnership with BlomInvest and look forward to being an active contributor to the KSA ecosystem. Flat6Labs sees KSA as one of the very few markets in MENA that combine key elements for startup success – namely: size, political stability, growth, and a relatively well-structured and digitized business environment. It comes as no surprise that KSA has recently experienced a 6-fold increase in VC funding since 2016, in light of these structural reforms.”
BLOMINVEST is one of the leading Investment Management companies in the region, providing investment services to KSA investors, including real estate funds, asset management, advisory, and corporate finance.
BLOMINVEST Saudi Arabia started operation on May 30, 2009 under commercial registration No. 7001564553 (1010254040) and with a paid up capital of SAR 245 million. On July 27th, 2008, BLOMINVEST was granted the Saudi Arabian Capital Market Authority’s license number: 08094 – 37 to offer the following securities services: dealing as principle, as agent and underwriting, managing investment funds and client portfolios, arranging, advising, providing custody in securities business.
During the past twelve years, BLOMINVEST launched distinctive investment products in the Saudi market with the aim of growing capital and achieving attractive returns for investors. These products included more than 22 funds in various fields.
Learn more about BlomInvest through the website: www.blominvest.sa
Organon and Flat6Labs launch the Femtech Accelerator Program to help female-founded digital health start-ups, across the Middle East and North Africa (MENA), succeed by providing support to build products, test market fit, and improve business models.
Dubai, United Arab Emirates – 26 October 2021: A global healthcare company with the vision of creating a better and healthier every day for every woman around the world, Organon, in partnership with Flat6Labs, the MENA region’s leading seed and early-stage venture capital firm, launched the Femtech Accelerator Program to support female-led start-ups operating in the digital healthcare space in MENA. The partnership was signed in the Expo 2020, USA Pavilion, marking the launch of Organon in the Middle East, North Africa and Turkey. The partnership is the kickoff of the company’s vision to work closely with partners in the region to empower innovative women’s healthcare programs.
Commenting on the program, Susanne Fiedler, Chief Commercial Officer of Organon, said, “As a new regional healthcare entity with a commitment to advancing the health of women in this region, we are very excited to launch this program supporting female entrepreneurs. We know that investing in women has far-reaching benefits, reaping dividends for families, local and national communities, and economies. We will continue to listen to women’s needs to better understand the gaps and identify the right solutions for a better and healthier every day for her.”
Ramy Koussa, Associate Vice President at Organon MENAT, added: “COVID-19 has accelerated digital transformation across industries, including healthcare. Due to restrictions on our movements and the strain on healthcare services globally, digital transformation has served as an important tool to enable both management of the coronavirus, as well as maintaining essential healthcare services. The future of healthcare is digital, and this accelerator program has been created to help facilitate that transformation in our region by delivering new and innovative digital tools to improve women’s healthcare. Organon is committed to building a company based on Environmental, social, and governance (ESG) principles and today’s announcement represents an important milestone in our commitment to working in partnership with key stakeholders across MENAT to advance women’s health”
Dina El-Shenoufy, Chief Investment Officer at Flat6labs, added, “Globally, both the current start-up landscape as well as the healthcare industry are male-dominated spaces. If we are to achieve greater gender equity, while supporting economic development across MENA, we need to do more to support female entrepreneurs and advance women’s healthcare. Our newly launched Femtech accelerator will meet this need and that of greater digital innovation in the healthcare space while demonstrating the importance of cross-industry collaboration to further the goals of female economic empowerment.”
Those start-ups selected to participate in the accelerator program will be female-founded and demonstrate that they can address unmet women’s needs in line with Organon’s mission to advance women’s health. Ten of the best start-ups will be invited to join the two-month intensive accelerator program following a selection process and receive support in turning their idea into a Minimum Viable Product (MVP) and securing venture funding.
Flat6labs will provide business and technical training and access to their local and regional partner networks. Participating start-ups will be connected to businesses, local and international experts, and access big data and new opportunities. Organon, meanwhile, will mentor participants, connect them with global industry experts, and provide access to their entire business network, including internal teams and external partners.
Cairo, Egypt. 11th of October, 2021.
Flat6Labs, MENA’s leading seed and early-stage VC firm and the manager of the most renowned startup programs in the region, celebrates 10 years of supporting startups and empowering entrepreneurs all over the region. Launched in Cairo in 2011 by the founders of Sawari Ventures, Flat6Labs has since expanded to Saudi Arabia, the UAE, Tunisia, Beirut, Bahrain, and most recently Jordan. The firm is currently managing 8 seed funds across the MENA region with a total value amounting to USD 85 million, with over 25 institutional investors and limited partners.
“Since day one, Flat6Labs has been there to enable thousands of ambitious entrepreneurs to pursue their startups’ journey towards growth, by giving them an unparalleled opportunity to work with an expansive network that includes hundreds of business mentors, investors, and corporates. said Ramez El-Serafy, Flat6Labs’ CEO. “We’re extremely proud to be celebrating 10 years as we look back to our fruitful work with our institutional investors, partners, startups, and community. It’s only onwards and upwards from here.”
In the past decade, Flat6Labs has funded over 1,000 startups that have been vetted from over 23,000 applications, and more than 2,000 founders supported, 36% of them being female founders.
The firm’s regional network has more than 1000 mentors and coaches from all over the world, and 300+ corporate, governmental, and ecosystem partners. Currently, the Flat6Labs portfolio companies have thus far raised over USD 70 million in follow-on funding, and directly helped create more than 4,000 new jobs.
This milestone was marked with a grand ceremony that took place in Manial Palace last night. The event saw presence from all Flat6Labs offices across MENA, partners, startups, and mentors. The activities included panels with regional key opinion leaders, talks by Flat6Labs’ Limited Partners, and a celebration of Flat6Labs’ portfolio and achievements over the last decade.
Flat6Labs, a regional seed and early stage VC firm, announced today the second close, and increase of its Tunisia-based Anava Seed Fund (ASF) from $3 million to $10 million, expanding its impact through world-class startup programs across the North African markets. This is following a recent second close of Egypt-based Flat6Labs Accelerator Company fund (FAC) to $13 million back in May of 2021 to support Egyptian early-stage startups.
The Anava Seed Fund was launched in 2017 in partnership with the Tunisian American Enterprise Fund, BIAT Bank and Meninx Holding, to invest in 75 Tunisian early-startups in a five-year period.
VC Firm Sawari Ventures Joins as the Latest Significant Investor in ASF
Sawari Ventures is the latest addition to the investors of the Anava Seed Fund, with an investment amount of $1.6 million. “We are very proud of our investment in the Anava Seed Fund as we have closely followed their progress and are more than convinced that Tunisia has talented entrepreneurs working on promising start-ups” said Wael Amin, Managing Partner at Sawari Ventures.
During the last 4 years, the Anava Seed Fund successfully invested in over 50 startups in Tunisia between seed, follow-on and Pre-Series A tickets, operating in 22 different sectors that vary between Fintech, Education, Agri-tech, Delivery Services, Retail-Tech, Health tech, and Aeronautics. These startups have succeeded in creating more than 500 paying jobs, 61% of which are occupied by female talents.
Ramez El-Serafy, CEO at Flat6Labs, said, “We’re very excited about our latest second close for the Tunisia-based Anava Seed Fund, we believe that the North African markets hold untapped potential and unique business opportunities, and I’m happy to see that more and more investors are sharing our enthusiasm towards this rapidly growing market by increasing their commitments in both FAC Egypt Fund and Anava Seed Fund. We look forward to expanding our impact even further in North Africa with the support of our investors and partners.”
Flat6Labs has trained more than 440 entrepreneurs and invested in 130 startups with a total amount of $10.5 million through its Cairo and Tunis Seed funds. It’s also worth mentioning that Flat6Labs startups in North Africa have gone on to raise over $37 million in follow-on funding.
Applications are now open for Flat6Labs’ Tunis Seed program, apply here.
Cairo, 1st of August 2021 –
Eight exceptional Egyptian startups have just graduated from Flat6Labs Cairo Seed Program’s 16th cycle, which comes after over 230 hours of online business training to help them grow their customer base, refine their offerings, expand to new markets and build strategic partnerships.
On the premise of pumping fresh blood in Egypt’s economy, Flat6Labs’ seed program in Cairo provides a steady pipeline of 18 to 20 new promising startups to the local VC market every year. In fact, the eight graduating startups have been filtered from around 1000 applications coming from all over Egypt.
“As the startup ecosystem in Egypt continues to mature, the number of applications for our seed program has been increasing cycle on cycle. But it’s not just the number of applications, we’re also witnessing a rise in the quality of the pipeline and startups applying and joining our program,” says Albert Malaty, Managing Director of Flat6Labs Cairo Seed Program.
Each startup has received a seed investment starting from EGP 500,000 and up to EGP 750,000 in cash funding in exchange for up to 10% equity. “We have recently completed the second close of our EGP 207 million Egypt based fund, having received massive support from all our anchor investors. The current fund size allows us to provide a more suitable investment to our startups at the current turbulent times, helping them attract the right talents, acquire more customers, and survive longer,” says Marie Therese Fam, Managing Partner of Flat6Labs Egypt.
Flat6Labs’ Spring 2021 Cycle started in Cairo on March 14th, 2021 to help build the following eight resilient startups that have developed products and services across multiple sectors including health-tech, supplies and logistics, eCommerce, food and beverage, fintech and advertising.
Aiming to alleviate financial stress for millions of users in the region, CreditFins built Egypt’s first tech-enabled credit cards management platform to help customers analyze and optimize their spending, CreditFins also offers different educational content empowering customers to settle their credit card debt quickly and cheaper.
This technology company puts remotely-managed digital advertisements on moving vehicles. In four months, dKilo was able to successfully deploy 10 cars generating EGP 75,000 in monthly revenues and 6 million impressions monthly.
The Deli Llamas
With “School Lunchies,” a flagship brand of kid-specific lunch meals, food-tech startup, The Deli Llamas , design meals to promote balanced nutrition, autonomy and an enjoyable experience. School Lunchies is a web platform to order freshly-made lunches, delivered daily to schools. Hopping on that summer bandwagon, The Deli Llamas were able to close deals with two retailers in the North Coast.
The Deli Llamas’ website: www.lunchies.me/
Contact founder form: bit.ly/contact-TheDeliLlamas
The Baby Garage
Next to its 360 degrees parents support platform, The Baby Garage is also a shopping advisory marketplace for children’s products and services. Jumping by 70% in revenues this year, the team runs a number of various business units including the marketplace, the content blog, the discount cards, and on-ground activations currently serving 550 thousand parents in Egypt. The Baby Garage started in 2015 and evolved officially under the Technology Innovation and Entrepreneurship Center in the Ministry of telecommunication in 2019.
The Baby Garage website: www.thebabygarage.com
Contact founder form: bit.ly/contact-TheBabyGarage
This B2B wholesaler lead generation platform is Egypt’s first online platform allowing suppliers to list their products and services. ELSupplier’s tech solution amplifies the supplier’s reachability allowing them to penetrate new markets at much lower costs while saving sales executives hundreds of hours. Since the launch of the cycle, ELSupplier generated EGP 160,000 in revenue and acquired 4,000 new users.
ELSupplier’s website: www.elsupplier.com
Contact founder form: bit.ly/contact-ELSupplier
Launched in September 2018, Intixel is a health-tech startup supporting medical imaging companies with the needed image-analytics engines. In December 2020, Intixel launched its first clinically validated product; AIRA Breast; to empower radiologists in breast-cancer screening programs with its AI-powered solutions. Intixel’s team is a finely selected AI, and medical imaging experts. Intixel just released the beta version of its AIRA Breast product, currently running on the cloud for online use.
Intixel’s website: www.intixel.com
Contact founder form: bit.ly/contact-Intixel
The go-to destination for affordable luxury, Lumiere, kicked off in late 2020, bringing together a community of the most exciting independent luxury brands and contemporary, emerging designers hailing from different regions and diverse cultural backgrounds across the globe. So far, they offer over 2500 stock-keeping units for 30 different designers listed on their website.
Lumiere’s website: www.getlumiere.com
Contact founder form: bit.ly/contact-Lumiere
Already the leading manufacturer of rehabilitation robots in the MENA region, Nureab offers innovative motor rehabilitation devices to accelerate patients’ recovery times and results making the recovery journey for patients with mobility disabilities easier. With Nureab’s product – which is 95% done and in its phase 3 of trials – physical therapists can accurately monitor their patients’ progress to offer them the most suitable treatment plans.
Over the past four months, the teams of the aforementioned startups have received intensive training on topics ranging from Financial Modeling, Business Modeling, Growth Hacking, Storytelling for Business, and Technology Pitfalls, to Pricing, How to be Investor Ready, Product UX/UI, and Strategic Partnerships.
- The next cycle will commence in September, prospective startups can apply through this link
Flat6Labs celebrated its 7th Demo Day in Tunis on Thursday, July 8, in an online event that gathered more than 1000 live viewers. The ceremony was also an opportunity to announce a new investor in the Anava Seed Fund, Flat6Labs’ investment vehicle in Tunisia: Sawari Ventures.
The Demo Day commemorates the 4 months of work that the startups have done with Flat6Labs since the beginning of each cycle. It’s an opportunity to showcase their growth to a range of potential stakeholders: customers, investors, companies, and more, who will be willing to further support the scalability of these businesses. Since 2011, Flat6Labs has organized more than 40 Demo Days, giving more than 320 startups visibility and a chance to grow in the region and around the world.
Sawari Ventures, one of the leading venture capitals in the Arab world, joined TAEF, BIAT, Meninx Holding and the International Finance Corporation, a member of the World Bank group, with an investment amount of 4.5 million Dinars.
“We are very proud of our investment in Anava Seed Fund. We have been following their progress closely and we are more than convinced that Tunisia has brilliant entrepreneurs working on very promising startups” says Wael Amin, Partner at Sawari Ventures.
The startups supported during the 7th cycle of Flat6Labs in Tunis are:
- -Ahkili: A mental healthcare booking platform connecting psychologists to patients through telemedicine
- -Dokken: A one-stop-shop solution for business owners looking to create their websites in less than 5 minutes and for a low monthly fee
- -LAMMA: An urban carpooling app that focuses on comfort while reducing time and money spent on daily mobility
- -Ms. Marion: An innovative ready-to-wear brand dedicated to working women in formal working environments
- -Proservy: A platform that digitizes office administration, management and logistics to help companies focus on their core business
- -Reedz: A mobile app that offers Arabic language podcasts & interactive book summaries in text and audio formats
- -Shifti: A centralized online management solution that facilitates the creation of custom e-commerce websites and automates management tasks
- -WeMove: An online fitness marketplace for pay per use gym passes
It is possible to get in touch with the startups through this link.
Flat6Labs, MENA’s leading seed investor and the largest manager of startup programs in the region, has announced the launch of a new USD 20 million Seed Fund in Jordan. Created to nurture the growth and development of early-stage companies, the Jordan Seed Fund (JSF) has achieved a first close of USD7.4 million and attracted contributions from prominent investors such as the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Bank Al-Etihad, and GMS Ventures & Investments.
Applications for the program’s first four-month cycle are now open. Participating companies will have the opportunity to benefit from a cash seed investment of up to JOD 50 thousand each, together with potential follow-on funding of up to JOD 120 thousand. In addition to attractive funding opportunities, startups will benefit from the Flat6Labs Amman seed program. The program will run over a five-year period and is set to deliver a host of benefits to between 14 and 18 startups every year, including office space, world-class mentorship and access to Flat6Labs’ regional network.
The program is specifically targeted at startups in innovation-based and knowledge-driven sectors such as Information and Communication Technologies, Software Solutions, Education, Healthcare, Digital Content and Games, Hardware, Electronics, Manufacturing Solutions, Renewable Energy, Agricultural Solutions, Big Data and Analytics, FinTech and Payments, Media, and Entertainment. Each of the selected startups will receive tailored support designed to help them scale and grow their businesses, with the long-term goal of creating regional, and ultimately global, champions.
Participating companies will also benefit from opportunities for regional exposure and mentorship through Flat6Labs’ extensive international network, together with coaching from established business leaders. Each startup will be paired with at least three highly experienced mentors. In addition, Flat6Labs Amman will arrange Demo Days, support fundraising and business build-out, and deliver a full spectrum of support designed to help new businesses flourish.
Ramez El-Serafy, Flat6Labs CEO, commented: “We are delighted to expand our presence into Jordan with the launch of an early-stage fund and seed program, which creates exciting opportunities for local startups. As the region’s leading seed and early-stage venture capital firm, Flat6Labs is well placed to support the aspirations of the Kingdom’s talented entrepreneurs and help them take their businesses to the next level. We aim to support the growth and development of Jordan’s start-up ecosystem, and thus contribute to a thriving national economy.”
Rasha Manna, General Manager of Flat6Labs Jordan, added: “Jordan is home to a pool of talented entrepreneurs who are ready to showcase their ideas to the world. We provide foundational support to startups through funding, mentorship and networking opportunities across the region and beyond. We are excited to now open applications for our first cycle and look forward to starting work with Jordan’s most promising startups in the very near future to help them effectively scale and grow their business.”
Laith Al-Qasem, CEO at ISSF shared: “ISSF has been mandated to improve the Jordanian entrepreneurial ecosystem through acting as a fund of funds and through facilitating the creation of new funds to serve the investment needs of entrepreneurs and start-ups along their journey towards success. Flat6Labs fills an important gap and role by providing studied equity capital starting from seed stage accompanied by competent hands on incubation and mentoring which will facilitate speedier and more focused growth in the investments they make.”
“Jordan is an attractive market for entrepreneurship and early-stage capital given its young and increasingly urban population, high rates of technology adoption, and increasing government support,” said Abdullah Jefri, IFC’s Country Manager for the Levant “Addressing the funding gaps will help build a robust startup ecosystem to tap into this potential and spur innovation and economic growth in Jordan and the region.”
Launched in 2011, Flat6Labs has grown to become the MENA region’s leading startup accelerator managing seed funds with a total AUM of more than $85 million. The company has run over 40 seed program cycles, funding the creation and seeding of more than 320 companies. Approximately 40% of Flat6Labs’ graduating companies have succeeded in securing follow-on rounds of funding from regional and global institutions and individuals at higher valuations, translating to an unrealized IRR in excess of 25%.
Applications for the Flat6Labs Amman Seed Program are open now. To find out more, please click below.
Building Capacities for 20 Regional Supporting Structures in Tunisia
Launched by Flat6Labs, Ignite Tunisia is a capacity building program for regional support structures in Tunisia and is a part of the “Innov’i” initiative which is funded by the European Union and implemented by Expertise France.
Given the fact that 90% of startup support structures are based in the capital Tunis, Ignite Tunisia is a program that aims to boost regional ecosystems by transferring skills and expertise in the implementation of support programs for startups that Flat6Labs has acquired for more than a decade of operation across the MENA region. The program will be implemented during 24 months and will support 20 structures over 3 cohorts.
More than 80 support structures from all over Tunisia have applied to be part of the first cohort of Ignite Tunisia and benefit from a total review to their program and access to the extensive network of experts, mentors and investors from Flat6Labs
“Ignite Tunisia was born after a reflection of more than two years. We were able to identify the challenges encountered by regional support structures, which can range from the implementation of a program appropriate to the needs of entrepreneurs in each region to the economic model of the said structures. Through Ignite Tunisia , we have set ourselves the goal of transferring skills to enable regional structures and startups to have an active and innovative ecosystem” confirms Yehia Houry, Managing Director of Flat6Labs.
Ignite Tunisia ensures to provide the necessary tools to put together a clear strategy in order to build the capacities of 20 structures such as incubators, co-working spaces, non-governmental organizations as well as public structures operating directly with startups. The main goal is to ensure the viability of the structures and to capitalize on the number of startups created in the regions.
The program will also include the gathering of a community composed of multiple structures in order to optimize exchanges and facilitate contacts between the different actors.
Ignite Tunisia also aims to provide specific responses to the needs of innovative support structures, by offering a multitude of training to guarantee their success and sustainability and especially, the creation of a regional strategy.
“By supporting 20 structures in the different cities, Flat6Labs contributes to increased regional integration of the Tunisian ecosystem and creates a better climate and networking opportunities to support entrepreneurs. It is also a great way for disseminating the culture of innovation and for opening up access to new opportunities for project leaders ”adds Clara Guilhem, Innov’i project manager.
From Left to right: Dina El Shenoufy (CIO, Flat6Labs), Ramez El-Serafy (CEO, Flat6Labs), Marie Therese Fam (Managing Partner, FlatLabs Egypt), Albert Malaty (Managing Director, Flat6Labs Egypt)
Flat6Labs, a regional Seed Program and Fund, announced today the second close and increase of its Egypt fund from EGP50 million to EGP207 million, to support Egyptian early-stage startups. Flat6Labs has also announced that it’s raising its cash seed offering for its Cairo Seed Program to up to EGP1.5M, and up to EGP3M in post-program follow-on funding for selected startups.
The Flat6Labs Accelerator Company (FAC) Egypt fund was launched in 2017 to invest in 100+ innovative startups across Egypt over the span of five years, with a focus on tech-enabled solutions. Over the past three and half years of the investment period, the Flat6Labs Cairo Seed Program has run 7 cycles, invested in 62 startups, trained over 350 founders, and created over 1,000 jobs – 96% of which are youth between the ages of 19-35. Around half of Flat6Labs’ portfolio companies in Egypt have received follow-on funding with a total of EGP145,000,000.
The FAC fund’s existing Anchor Investors include the International Finance Corporation, the MSME Development Agency, the Egyptian American Enterprise Fund, and Egypt Ventures, who have all increased their commitments in the FAC fund to support more early-stage technology startups in Egypt. Sawari Ventures, the latest significant investor in the FAC fund, has also participated in the second close of the fund.
Wael Amin, Managing Partner at Sawari Ventures, said “Flat6Labs Egypt plays an integral role at the seed stage within the local and regional ecosystems; successfully providing the foundational support startups need through funding and mentorship, which is appealing for us. At Sawari Ventures, our fund strategy has always been to allocate a percentage of our fund to the seed stage which is a completely different proposition in terms of process, culture, and support needed. As investors in Flat6Labs Accelerator Company, we get the opportunity to profitably participate in Egyptian companies at a very early stage, get early indicators on ecosystem trends, and visibility into the ecosystem.”
Argineering’s Team, a startup that FAC invested in, at their office.
Marie-Therese Fam, Managing Partner at Flat6Labs Egypt, said “I am extremely proud of our fund’s second close and the incredible support we have received from all our investors.
“Flat6Labs is participating in the development of the startup ecosystem in Egypt. We are proud to support them in helping our community embrace the digital economy”, added Ahmed Gomaa, CEO of Egypt Ventures.
Highlighting Flat6Labs’ role in nurturing a promising startup ecosystem and closing the financing gap for entrepreneurs in Egypt, James Harmon, Chairman of the EAEF, said “We believe that startup accelerators are instrumental to building a robust entrepreneurial ecosystem, we are proud of Flat6Labs’ efforts and role in building the startup ecosystem in Egypt and will continue to support them as they fill an important financing gap in the market.”
Chefaa’s team, a startup that FAC funded, at their office
Hany Emad, Head of Central Sector for SME Finance at MSMEDA, added, “We consider Flat6Labs as one of our strategic partners and due to the success achieved during implementing the first close, we decided to increase our commitment to reach EGP 35 million.”
“We are very excited to expand our partnership with Flat6Labs and increase our commitment to up to $2.5 million. We invested in Flat6Labs back in 2017 as part of IFC’s Startup Catalyst program and have since supported its growth and expansion in Egypt and more broadly in the region,” said Walid Labadi, IFC’s country manager for Egypt, Libya, and Yemen.
Flat6Labs Egypt will continue to support bright, passionate, and tech-driven entrepreneurs in Egypt, by providing funding, technical assistance, and networking opportunities across the country and beyond. Flat6Labs Egypt thus continues to be a pillar of the digital transformation of the Egyptian economy building successful, job-creating startups contributing to the overall economic growth in Egypt.
Applications are now open for Flat6Labs’ Cairo Seed program, apply here.