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Wed 23 Mar 2016 12:33 PM

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New $5.6m fund for start-ups launched in Egypt

Flat6Labs steps up its support to MENA start-ups with $5.6m fund open for applications from regional entrepreneurs in June 2016

New $5.6m fund for start-ups launched in Egypt
Ahmed El Alfi, founder of Flat6Labs and Sawari Ventures.

Flat6Labs Egypt, a regional digital start-up accelerator programme, has raised $5.6 million to fund up to 20 MENA start-ups a year for five years.

The new fund will be open for applications from regional entrepreneurs in June 2016, Wael Amin, partner at Sawari Ventures, a Cairo-based venture capital firm founded by Ahmed El Alfi, a co-founder of Flat6Labs Egypt, confirmed to local media in Egypt.

He added that each start-up accepted to the programme would receive $11,000.

Flat6Labs Egypt partnered with the Social Fund for Development, a programme initiated by the Egyptian government and the United Nations Development Programme in 1991, and other investors to create the fund.

The first closing of the fund will be in 60 days to the value of $3.3 million while the second closing worth $2.2 million will be in a year, Amin added.

Flat6Labs has a network of start-up accelerators in Cairo, Jeddah, and Abu Dhabi.