The Egyptian start-up accelerator program, Flat6Labs Cairo has announced the first close of its EGP100 million fund called Flat6Labs Cairo. It is planning to invest in over 100 local early-stage start-ups over the next five years. It will create over 1,000 high impact jobs in the country.
The fund is backed-up by NI Capital, a company of the Egyptian Ministry of Investment and International Cooperation and the
Egyptian-American Enterprise Fund. Seeing a shortage of seed capital in the country, each party injected EGP 10 million each to support young domestic entrepreneurs.
The Flat6labs interest lies in different business sectors among which healthcare, education, fin tech, digital content. Its ninth accelerator cycle starts later in the summer. According to Flat6labs, it has already received over 500 Egypt-based applications.
Source: Entrepreneur Middle East