Flat6Labs Beirut to invest in and support more than 100 Lebanese startups.

Cairo, Egypt - 18th of March, 2015 

Launched in Cairo in 2011, followed by successful expansions in Jeddah and then Abu Dhabi, Flat6Labs is now announcing its fourth startup accelerator; Flat6Labs Beirut. Flat6Labs will be partnering with ArabNet, a renowned hub for digital professionals and entrepreneurs, in order to launch a new seed fund and a startup accelerator program in Lebanon to create vast opportunities for new businesses as well as employment possibilities. The timing for the launch of Flat6Labs Beirut has come at a period where the entire MENA region is blooming into a niche for investment and business expansion.

The Lebanese entrepreneurship ecosystem and startup scene are rapidly growing, and entrepreneurship focused events and initiatives are mushrooming. Startups are poised to drive the country's economic growth, diversify its economy, as well as counter the recurrent brain drain the country faces by tackling unemployment among the educated youth.

During ArabNet Beirut 2015 conference, Flat6Labs and ArabNet have announced the launch of a new seed fund to run Flat6Labs Beirut's seed investments, as well as selective early and growth stage investments. Flat6Labs Beirut comes in tandem with Central Bank of Lebanon's (BDL) recent Circular 331, which- in its efforts to support entrepreneurship and the knowledge economy, provides very encouraging investment incentives exceeding $400 million to commercial banks to invest alongside venture capitalists, accelerators, and other ecosystem players.

The BDL initiative is expected to create an urgent need for high quality startup deal-flow. In the upcoming few years, Lebanese investors and stakeholders will undoubtedly grow an increasing appetite for a steady pipeline of high-quality startups in Lebanon, which Flat6Labs Beirut would be catering for.

"With significant new funding sources for established and growing companies, there is a critical need for early stage funding and support, which Flat6Labs Beirut can bring, to ensure the pipeline of high quality deals for later stage investors in Lebanon" said Mr. Omar Christidis, CEO of ArabNet.

"Over the span of the upcoming 5 years, Flat6Labs Beirut will support, nurture and invest in over 100 budding high-quality companies to help them validate their products, find the best market fit and prepare them for the future rounds of funding to scale globally. " Stated Mr. Ramez Mohamed, CEO of Flat6Labs.

Flat6Labs Beirut is expected to complete its initial setup and start operations before the end of 2015.

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About Flat6Labs:
Flat6Labs is a regional startup accelerator program that fosters and invests in bright and passionate entrepreneurs with cutting-edge ideas. It provides seed funding, strategic mentorship, a creative workspace, a multitude of perks and entrepreneurship focused business training. In addition, it directly supports startups through an expansive network of partner entities, mentors and investors. Flat6Labs has created an environment where entrepreneurs can advance their company an incredible pace and in a short period of time. Flat6Labs has more than 180 mentors and speakers, in addition to more than 30 local, regional and global partners to cater to its entrepreneurs with over 7,000 hours of training over the past three years. Flat6Labs has headquarters in Cairo, Jeddah, and Abu Dhabi, and now Beirut.

About AraNnet:
Founded in 2009, ArabNet helps to grow the web and mobile sectors in the Arab world through its various activities. It also aims to build business bridges across the MENA, stimulate the growth of the Arab digital knowledge economy, and support the creation of new businesses and job opportunities for aspiring youth. ArabNet is widely recognized as the owner of the largest digital gatherings in the MENA region, with a track record of bringing globally-renowned speakers, as well as successfully connecting entrepreneurs and startups with funding and incubation through their renowned Ideathon and Startup Demo competitions.

For Media Inquiries, kindly contact:
Mohammed Fathy
+201007774433
mfathy@oc.com.eg

© Press Release 2015