Flat6Labs closes second Egypt fund, raising EGP207 million

Flat6Labs closes second Egypt fund, raising EGP207 million

Cairo-based Seed accelerator and fund Flat6Labs, has raised EGP157 million towards the second close of its Egyptian fund, bringing its total fund size to EGP207 million ($13 million) up from EGP50 million.

Flat6Labs has therefore raised its investment offering for its Seed Programme to up to EGP1.5 million, and up to EGP3 million in post-programme follow-on funding for selected startups.

Flat6Labs Accelerator Company's (FAC) existing anchor investors - the International Finance Corporation, the MSME Development Agency, the Egyptian American Enterprise Fund, and Egypt Ventures, have increased their commitments in the fund. Sawari Ventures also participated in the second close of the fund.

Over the past three and half years, the Flat6Labs Cairo Seed Programme has run seven cycles, invested in 62 startups, trained over 350 founders, as well as creating more than 1000 jobs - 96 per cent of which went to youth between the ages of 19-35. 

Around half of Flat6Labs' portfolio companies in Egypt have received follow-on funding with a total of EGP145,000,000.

Press release

Flat6Labs, a regional Seed Programme and Fund, announced today the second close and increase of its Egypt fund from EGP50 million to EGP207 million, to support Egyptian early-stage startups. Flat6Labs has also announced that it's raising its cash seed