FAC’s Seed Program has operated seven cycles, invested in 62 startups, mentored over 350 founders, and created over 1,000 jobs.
Flat6Labs has closed its latest deal which sees it increase its FAC Egypt fund from EGP 50 million to EGP 207 million. The company has also reported successfully raising cash seed offerings for its Cairo Seed Program to EGP 1.5 million, with up to another EGP 3 million in post-program follow-on funding.
Flat6Labs’ FAC Egypt fund was launched in 2017 with the goal of investing in over 100 dynamic and diverse startups across the country over the period of five years, with an emphasised focus on tech-based solutions. The fund’s existing Anchor Investors consist of the International Finance Corporation (IFC), the MSME Development Agency (MSMEDA), the Egyptian American Enterprise Fund (EAEF), and Egypt Ventures, who have all increased their commitments in line with Flat6Labs’ efforts in Egypt to provide maximum support for early-stage Egyptian technology startups.
Another major investor in the FAC Fund, Sawari Ventures, participated in the second close of the fund.
Marie-Therese Fam, Managing Partner at Flat6Labs Egypt, said in a press release: “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 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.”
Over the past three and half years, the Flat6Labs Seed Program has conducted seven cycles, invested in 62 startups, trained over 350 founders, and created over 1,000 jobs - 96% of which were for youth between the ages of 19-35.
Applications are now open for Flat6Labs’ Cairo Seed program through www.flat6labs.com/program/flat6labs-cairo.