Flat6labs has raised $1 million from World Bank’s investment arm International Finance Corporation (IFC). The accelerator has raised the funds through IFC’s $30 million Startup Catalyst initiative.
The deal is part of IFC’s $30 million Startup Catalyst initiative, which aims to back 15-20 accelerators and seed funds in emerging markets over the the next 18 months, according to TechCrunch. In addition to Flat6Labs, IFC committed $3 million to Argentinian accelerator NXTP Labs, bringing the initiative’s first investment to $4 million.
“With the Startup Catalyst funds, Flat6Labs will close a 50 million Egyptian pound fund [~ $5.6 million] to accelerate more than 100 Egyptian startups over the next 5 years” Ramez El-Serafy, CEO at Flat6Labs, was quoted as saying, adding that the accelerator, which already has offices in Cairo, Jeddah and Abu Dhabi, will expand to Tunisia and Lebanon soon and is eager to explore the African market in the near future.
Flat6Labs is a regional startup accelerator program that works under the mission of creating entrepreneurial hubs in vibrant ecosystems, by fostering entrepreneurs with cutting-edge ideas, providing seed funding, mentorship, entrepreneurship-focused business training, and direct support for startups.
Since its foundation in 2011, Flat6Labs has invested in more than 90 startup companies across the MENA region through its three locations in Cairo, Jeddah, and Abu Dhabi. Another is set to launch in Beirut. In May, Flat6labs launched Tunisia’s first accelerator and startup hub, as well as an accelerator program in Cairo in Egypt.
Flat6labs is keen on investing in areas such as ICT, digital content, gaming & mobile apps, education, healthcare, FinTech, media, big data & analytics, IoT, hardware & industrial solutions, renewable energy, green technologies and electronics.
Sources: TechCrunch, Inc.