ACCELERATING THE FUTURE
According to the Global Entrepreneurship Monitor (GEN) Report for the year 2020-2021, Egypt’s “Access to entrepreneurial finance” score went slightly down from 4.5 in 2019 to 4.4 in 2020, which can be explained by the tremendous challenges and pressures that the COVID-19 pandemic has imposed on the economy.
Flat6Labs has doubled down on its efforts to financially develop and support promising startups in Egypt; raising its cash seed offering to up to EGP1,500,000 and follow-on offering to up to EGP3,000,000 – in exchange for a maximum of 10% equity.
The all cash seed advance is meant to help startups cover their early expenses, grow their teams, and implement business development tactics that they learn during the Flat6Labs Seed Program in Cairo. While the follow-on funding is offered to selected startups after the program to help them scale their companies and tap into new markets.
Flat6Labs seed program does not only offer participating companies funding, but also entrepreneurship-focused training and mentorship sessions delivered by top industry experts and pioneers, regional and global networking opportunities, state-of-the-art office space, $300,000 worth of perks from partners such as Amazon Web Services and Microsoft, the biggest Demo Day, and many other services to equip entrepreneurs with all the resources they need to grow their businesses.
The Cairo seed program is funded by the EGP 207m Flat6Labs Accelerator Company Egypt Fund (FAC), which aims to invest in up to 100 early-stage startups during its 5 years investment period. The notable investors of the FAC fund are the International Finance Corporation, MSME Development Agency, Egyptian American Enterprise Fund, Egypt Ventures, and the latest significant addition to the fund, Sawari Ventures.
Ahmed Rosstom, CEO and Co-Founder of a Flat6Labs portfolio company in Egypt Wuilt, sharing his experience with Flat6Labs Seed Program in Cairo.
Flat6Labs has supported and trained 125 startups over 16 cycles in Egypt to date, and is currently accepting applications for its 17th cycle (Fall 2021 cycle). You can apply to join the upcoming cycle in Cairo here.
