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Wednesday, 16 June 2021

Flat6Labs hits first close on USD 20 mn Jordan fund + Egypt’s Odiggo expands to Dubai

Cairo-headquartered startup accelerator Flat6Labs has reached a USD 7.4 mn first close on a USD 20 mn seed fund targeting companies in Jordan. The Jordan Seed Fund will invest in early-stage startups in ICT, software solutions, education, healthcare, digital content, manufacturing, renewable energy, agriculture, big data, and fintech, according to a press release (pdf). Limited partners in the first close include the International Finance Corporation, Jordan’s Innovative Startups and SMEs Fund, Beyond Capital, Bank Al-Etihad, and GMS Ventures and Investments.

The fund will make investments of JOD 50k (USD 70.5k) and could also do follow-on rounds worth as much as JOD 120k. It’s looking to make 12-16 investments per year for the next five years. Flat6Labs has assets under management of more than USD 85 mn and has made investments in more than 320 companies. You can apply for investment from the Jordan Seed Fund here.

IN OTHER STARTUP NEWS- Egyptian automotive tech startup Odiggo has expanded to Dubai as part of a push to enter the GCC and tap what it says is a USD 61 bn auto parts and accessories market in MENA, co-founders Ahmed Nasser and Ahmed Omar told Arabian Business. Saudi Arabia is “soon to follow,” they added. Odiggo — which launched in Egypt in 2019 — connects car owners with providers of automotive parts and services for a cheaper, less-timely, and contact-free alternative to traditional automotive care.

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