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.