Investment activities in Egypt continue to gain steam, not for startups only but also the funds backing them. Today, seed accelerator Flat6Labs announced the second close of its Egypt fund to support early-stage startups and provide follow-up investment. The fund had a target for EGP50 million (~$3.2 million) but eventually closed at EGP207 million ($13.2 million).
Launched in 2011, Flat6Labs is a regional seed accelerator with offices in Egypt and Tunisia. The accelerator launched its Cairo programme in 2017 to invest in more than 100 startups across Egypt over the course of five years. Startups that get into the accelerator are provided with office space, legal and marketing help, and access to mentorship and networking, among other perks. They also receive between EGP500,000 and EGP750,000. However, with the close of this round, Flat6Labs has increased the check sizes to EGP1.5 million (~$95,000) and up to EGP3 million (~$191,000) in post-programme follow-on funding for selected startups.