MENA regional seed programme and fund Flat6Labs has announced the second close and increase of its Egypt fund, which will back early-stage startups, from EGP50 million (US$3.2 million) to EGP207 million (US$13.2 million).
The Flat6Labs Accelerator Company (FAC) Egypt fund was launched in 2017 to invest in over 100 innovative startups across Egypt over the span of five years, with a focus on tech-enabled solutions.
Over the past 3.5 years of the investment period, the Flat6Labs Cairo Seed Programme has run seven cycles, invested in 62 startups, and trained over 350 founders.
The FAC fund’s existing anchor investors include the International Finance Corporation, the MSME Development Agency, the Egyptian American Enterprise Fund, and Egypt Ventures, who have all now increased their commitments to support more early-stage technology startups in Egypt. Sawari Ventures is the latest significant investor to join the fund.
Off the back of the increased fund size, Flat6Labs has also announced it will raise its cash seed offering for its Cairo Seed Programme to up to EGP1.5 million (US$96,000), and up to EGP3 million (US$192,000) in post-programme follow-on funding for selected startups.
“I am extremely proud of our fund’s second close and the incredible support we have received from all our anchor investors. I am truly looking forward to continuing on the success of our fund in leading the digital economy transformation in Egypt, and building on the achievements we have made so far including the growing number of supported startups,” said Marie-Therese Fam, managing partner at Flat6Labs Egypt.