Flat6Labs’ Egypt fund more than quadruples to EGP 207 mn
Flat6Labs has completed the second close of its Egypt-focused Flat6Labs Accelerator Company (FAC), raising the fund size to EGP 207 mn from EGP 50 mn, according to a press release (pdf). FAC will in turn raise its seed offering for its Cairo Seed Program to up to EGP 1.5 mn, while post-program follow-on funding will now be raised to EGP 3 mn for selected startups.
The funding increase came from FAC’s anchor investors, which include the International Finance Corporation (IFC), the MSME Development Agency (MSMEDA) , the Egyptian American Enterprise Fund, and Egypt Ventures, with Sawari Ventures being the most recent addition. “We are very excited to expand our partnership with Flat6Labs and increase our commitment to up to USD 2.5 mn,” said Walid Labadi, IFC’s country manager for Egypt, Libya, and Yemen. MSMEDA also raised their to EGP 35 mn, Hany Emad, Head of Central Sector for SME Finance at MSMEDA, added