Egyptian early-stage fund reaches second close backed by IFC, others
Flat6Labs, a regional seed programme and fund, has announced the second close and increase of its Egypt fund to $13.2 million, to support Egyptian early-stage startups.
The Flat6Labs Accelerator Company (FAC) Egypt fund was launched in 2017 to invest in 100-plus innovative startups across Egypt over the span of five years, with a focus on tech-enabled solutions. Over the past three and a half years of the investment period, the Flat6Labs Cairo Seed Program has run seven 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.
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 commented, “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.”
Marie-Therese Fam, managing partner at Flat6Labs Egypt mentioned, “I am extremely proud of our fund’s second close and the incredible support we have received from all our investors.”
Ahmed Gomaa, CEO of Egypt Ventures added, “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.”
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