The firm will invest in 12 to 16 startups each year, operating multiple cycles over a period of at least five years.
The Middle East and North African region’s leading accelerator and seed investor, Flat6Labs, has expanded to Jordan with the launch of its $20 million Jordan Seed Fund, which it will channel to invest in Jordanian startups through its accelerator programme.
The fund has already been growing through $7.4 million from the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Jordan’s Bank Al-Etihad, and GMS Ventures & Investments.
Flat6Labs’ accelerator programme is currently accepting applications and will run for four months. It will invest up to $70,000 in each startup and offer the possibility of up to $170,000 in follow-up funding. The programme will invest a total of 12 to 16 startups each year, and will operate multiple cycles over a period of at least five years - similar to its programmes in Cairo, Bahrain, Tunis, and Beirut. Successful startup applicants will receive office space, at least three mentors from the seed investor’s global network, and unlimited access to the Flat6Labs network.
Currently, Flat6Labs boasts $85 million in assets under management (AUM), a measure of the total market value of the investments it manages on behalf of clients, and a figure which in Flat6Labs’ case comes from over 40 programme cycles and 320 company investments.
Rasha Manna, General Manager of Flat6Labs Jordan, commented: “Jordan is home to a pool of talented entrepreneurs who are ready to showcase their ideas to the world. We provide foundational support to startups through funding, mentorship and networking opportunities across the region and beyond.”
She showed enthusiasm as she added “we are excited to now open applications for our first cycle and look forward to starting work with Jordan’s most promising startups in the very near future to help them effectively scale and grow their business.”
The accelerator is seeking to invest in an array of Jordanian startups across various sectors such as information and communication technologies, education, hardware, software solutions, health care, electronics, manufacturing solution, renewable energy, and others.