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Flat6Labs, the Cairo-based Seed accelerator fund has raised $13 million at the second close for its Egyptian fund up from the initial $3 million. Flat6Labs will also raise the cash seed offering from the Cairo Seed Programme to $96,000 and offer a post-program follow-on of $192,000 funding for select startups.
Zawya points out that Flat6Labs Cairo Seed programme has run 7 cycles investing in 62 companies. This has resulted in the training of 350 founders while creating over 1000 jobs. Over half of Flat6Labs companies in Egypt have thus far received follow-on funding.
In a press release shared on Wamda, Marie-Therese Fam, a Managing Partner at Flat6Labs Egypt shared how they are fixated on the success of the fund in “leading the digital economy transformation” while building on the achievements made thus far.
IFC’s Egypt country manager for Libya, Egypt, and Yemen Walid Labadi expressed plans to expand the partnership with Flat6Labs while increasing the commitment to $2.5 million. Their first investment into Flat6Labs was in 2017 which was part of the IFC Startup Catalyst programme, supporting its growth and expansion across the region.
Flat6Labs supports bright, passionate, and tech-driven entrepreneurs across Egypt with funding, technical assistance, and other networking opportunities. Having set itself as a pillar of Egypt’s digital transformation, Flat6Labs looks to build successful, job-creating startups that contribute to Egypt’s overall economic growth.
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