Flat6Labs Secure $13.2m Fund to Support Startups in Egypt
The Flat6Labs Accelerator Company (FAC) Egypt fund was launched in 2017 with the goal of investing in over 100 innovative startups in Egypt over a five-year period, with an emphasis on tech-enabled solutions.
It’s been almost 4 years now and the startup the Flat6Labs Cairo Seed Programme has funded in 62 startups, and trained over 350 founders.
The International Finance Corporation, the MSME Development Agency, the Egyptian American Enterprise Fund, and Egypt Ventures are among the existing anchor investors in the FAC fund, and they have all upped their commitments to help more early-stage technology businesses in Egypt. Sawari Ventures is the fund’s newest big investor.
With the new fund boost, Flat6Labs has stated that it will raise the seed offering for its Cairo seed programme up to EGP1.5 million (US$96,000), and up to EGP3 million (US$192,000).
“I am extremely proud of our fund’s second close and the incredible support we have received from all our anchor investors. I am truly looking forward to continuing on the success of our fund in leading the digital economy transformation in Egypt, and building on the achievements we have made so far including the growing number of supported startups,” said Marie-Therese Fam, managing partner at Flat6Labs Egypt.
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