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Early-stage investment company, Flat6Labs has announced their participation of the International Finance Corporation (IFC).
The IFC and Flat6Labs will now form part of the World Bank’s Startup Catalyst initiative and Social Fund for Development (SFD).
Cairo-based Flat6Labs will be receiving US$2-million in equity financing from the IFC. Over the next five years, the acceleration programme will then be investing in 100 Egyptian tech startups while supporting over 300 entrepreneurs. The programme, which consists of a four-month accelerator programme, will also provide seed-funding.
Flat6Labs will also be providing mentorship, networking opportunities as well as help startups become investment-ready.
“We’re very excited to have received the support of IFC, through its Startup Catalyst programme, and the SFD, through its first investment in an accelerator programme,” said the CEO of Flat6Labs Ramez El-Serafy in a press release.
Flat6Labs will aim to foster a suitable environment for startups to thrive in
“It will help create opportunities for young Egyptian entrepreneurs and is a great testament to both our funding model and IFC’s commitment to pursue economic growth in Egypt.”
Gathering support for Egyptian startups is a key focus for the World Bank’s country partnership framework spanning from 2015 to 2020.
According to Flat6Labs, they will be supporting up to 20 startups a year while investing an average of EGP350 000.
SFD managing director, Nevine Gamea commented on the necessity of the fund. “Unemployment is a threat that we need to address in order to alleviate poverty and improve the living standards of Egyptians and particularly our youth.
“Supporting small businesses and helping them grow and access capital is a strong driver of job creation and, in turn, economic growth. As such, the SFD worked closely with the World Bank experts to develop sound investment processes to enable it to invest in and support youth with innovative ideas and businesses,” continued Gamea.