Flat6Labs Accelerator, a regional Seed accelerator, has announced the second close of its Egypt fund, which has increased from $3.1 million to $13.2 million.
The fund will support Egyptian early-stage startups and provide follow-up investment.
Flat6Labs is a regional seed accelerator with offices in Egypt and Tunisia that was established in 2011.
In 2017, the accelerator unveiled its Cairo program, with the aim of investing in over 100 startups across Egypt over the next five years.
Startups accepted into the accelerator are given office space, legal and marketing assistance, as well as mentorship and networking opportunities.
The International Finance Corporation, the MSME Development Agency, the Egyptian American Enterprise Fund, and Egypt Ventures are among the investors in the Flat6Labs accelerator fund, which have all expanded their investments to help further startups in Egypt.
The fund’s second close was also participated by Sawari Ventures, the most recent participant in the Flat6Labs accelerator fund.
“I am incredibly proud of our fund’s second close and the amazing support we have received from all of our investors,” said Marie-Therese Fam, Managing Partner at Flat6Labs Egypt.
“Flat6Labs is contributing to the growth of Egypt’s startup ecosystem. Egypt Ventures CEO Ahmed Gomaa said, “We are proud to assist them in helping our nation adopt the digital economy.”
“Flat6Labs Egypt plays an integral role at the seed stage within the local and regional ecosystems; successfully providing the foundational support startups need through funding and mentorship, which is appealing for us,” said Wael Amin, Managing Partner at Sawari Ventures.
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