· Ignite will support 60 startups with EGP 500 million in funding over a three-year period
· Flat6Labs has invested a total of EGP 70 million in 62 startups and contributed to the creation of over 1,000 direct jobs in Egypt
By : Mohamed Shawky
Flat6Labs, MENA’s leading seed investor and the largest manager of startup programs in the region, has partnered with DisruptAD, one of the region’s largest venture platforms, to launch Ignite, a new start-up accelerator in Abu Dhabi that will support early stage companies with EGP 500 million in funding and other benefits including office space and mentorship.
As a key player in Egypt’s entrepreneurship ecosystem, Flat6Labs has supported several startups in Egypt in the crucial stages of their business life cycle. Over the past three years, the firm has invested a total of EGP 70 million in 62 startups and trained more than 500 founders across seven cycles. The support has helped startups to expand their horizons to raise over EGP 145 million in follow-on funding and create more than 1,000 direct jobs.
The program will run over a three-year period, investing in 20 startups every year. Applications for the first cycle will be open until 30th of April 2021, offering participating companies the opportunity to benefit from a seed investment worth up to EGP 2.4 million together with follow-on funding of up to EGP 7.6 million. Startups will also receive tailored support designed to help them effectively scale and grow their businesses to become regional champions and ultimately global champions.
As part of the Ignite program, startups will benefit from opportunities for regional exposure and world-class mentorship through Flat6Labs’ international connections and top-tier coaching. These companies will also enjoy access to DisruptAD’s network and resources. The program will organize Flat6Labs Demo Days, support fundraising and business buildout, and ultimately offer the full spectrum of support needed for start-ups to thrive and flourish in Abu Dhabi.
Ramez El-Serafy, Flat6Labs CEO, commented: “We are delighted to partner with DisruptAD for the launch of this three-year program. Flat6Labs’ presence in Abu Dhabi opens up exciting new possibilities, not only for this program but for the long-term evolution of Abu Dhabi as a global start-up destination. Together, we will harness our accumulated knowledge and experience to better serve the entrepreneurial ecosystem and create unique opportunities for promising startups.”
To find out more about Flat6Labs, please visit www.flat6labs.com