Flat6Labs, a Cairo-based seed accelerator, and fund has raised EGP 157 million (USD 10 Mn) for its Egyptian fund’s second close, taking the total fund size to EGP 207 million (USD 13 Mn) up from EGP 50 million (USD 3 Mn). The FAC Egypt fund aims to invest in 100+ innovative startups across Egypt over five years, focusing on tech-enabled solutions.
Flat6Labs has also announced that the cash seed offering for its Cairo Seed Program will be increased to up to USD 96 K, with up to 192 K in post-program follow-on funding available for selected startups.
The International Finance Corporation (IFC), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), the Egyptian American Enterprise Fund, and Egypt Ventures are among the current anchor investors in the FAC fund. Sawari Ventures, the latest significant investor in the FAC fund, has also participated in the second close of the fund.