Flat6Labs is planning on bridging the funding gap that entrepreneurs and investors are facing by launching their new Flat6Labs Technology funding program in 2015.
The company hopes to invest more than $7 million in 100 startups across Egypt, all within five years. The program will not be limited to a certain field, but will be supporting a large range of companies, no matter the idea, though there will be a special concentration on technological innovations, digital media and digital content. The program is directed at startups in their post-graduation acceleration stage, where ongoing financial support is critical for entrepreneurs.
“After obtaining a working space and networking with mentors from the entrepreneurial sector through mentoring sessions and big events, entrepreneurs often graduate with their companies having reached a maturity level that requires quick financial intervention to ensure its sustainability,” Ramez Mohamed, CEO of Flat6Labs Egypt told Wamda. “Even though the company grants the startups joining its incubation program EGP 15,000 EGP once they enroll, we have found that ongoing financial support is crucial for startups.”
Established in Cairo in 2011, Flat6Labs acceleration programs have graduated more than 50 startups and 160 entrepreneurs from Egypt and Saudi Arabia, some of which were great success stories, which include Khobz, Go Ejaza and Nafham, and is now opening an office in Abu Dhabi.