Flat6Labs Cairo to triple capital to EGP 150 mn, invest in fintech startups
STARTUP WATCH- Flat6Labs Cairo to triple capital to EGP 150 mn, has appetite for fintech: Flat6Labs Cairo, sub-fund of regional tech accelerator Flat6Labs, is in the process of raising its capital to over EGP 150 mn, from an original EGP 50 mn, through a private placement that will close today, Managing Partner Marie Therese Fam told Al Mal. Flat6Labs Cairo investors International Finance Corporation, the Egyptian American Enterprise Fund, Egypt Ventures, and the Micro, Small, and Medium Enterprises Development Agency.
The accelerator will use the capital increase to expand its investments in fintech startups that have been seeing growth potential amid the covid-19 pandemic. Since its establishment in 2017, the fund has adopted a strategy to invest in 18-20 startups per year, bringing its investments to 50 startups so far.