Back to the complete issue
Wednesday, 12 July 2017

Flat6Labs has made its first closing on its EGP 100 mn fund

Flat6Labs has made its first closing on its EGP 100 mn Flat6Labs Accelerator Company (FAC) fund, which will allow it to accelerate more than 100 Egyptian early stage startups over the next five years, the company said in a statement. The fund will provide each startup with EGP 1 mn in seed funding, in addition to training and mentorship services. FAC’s first closing comes as Egypt Ventures signed an agreement to invest EGP 10 mn in Flat6Labs. “Today’s announcement marks a significant step forward for Egyptian entrepreneurs and startups and we’re thrilled to be spearheading it with our flagship accelerator program in Cairo,” Flat6Labs founder Ahmed El Alfi said. Investment and International Cooperation Minister Sahar Nasr signed the agreement with Flat6Labs, Egypt Ventures, and NI Capital, the ministry announced yesterday. The agreement is in cooperation with the Egyptian American Enterprise Fund and the International Finance Corporation.

Separately, Egypt Ventures wants to increase its capital to EGP 1 bn from EGP 451 mn, according to Deputy Investment and International Cooperation Shehab Marzban who is also the company’s CEO. Egypt Ventures was established by the ministry, the Saudi Fund for Development, and NI Capital last March.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.