Back to the complete issue
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.

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 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; 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.