Cairo – Mubasher: Flat6Labs announced the second close and increase of its Egypt fund to EGP 207 million from EGP 50 million to support early-stage startups in the most populous Arab nation.

The seed and early-stage venture capital firm also increased its cash seed offering for its Cairo Seed Program to up to EGP 1.5 million, and up to EGP 3 million in post-program follow-on funding for selected startups, according to a recent statement.

Since its launch in 2017, the Flat6Labs Accelerator Company (FAC) Egypt fund has invested in more than 100 startups in the country, with a focus on tech-enabled solutions.

The Flat6Labs Cairo Seed Program has run seven cycles, invested in 62 startups, trained over 350 founders, and created above 1,000 jobs.

Nearly half of Flat6Labs’ portfolio companies in Egypt have obtained follow-on funding with a total value of EGP 145 million.

Source: Mubasher

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