Flat6Labs, one of the leading accelerators in the region has expanded to Jordan with the launch of a $20 million seed fund, it announced today. The fund (Jordan Seed Fund) has already achieved the first close of $7.4 million from the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Bank Al-Etihad, and GMS Ventures & Investments, and will start investing in the Jordanian startups through its accelerator program.
The accelerator program that’s accepting applications now will run for four months and invest up to $70,000 cash in each company, with the possibility of follow-on funding of up to $170,000 in the future round. The startups that become part of Flat6Labs Amman will also receive office space, mentorship, and access to its regional network. Every startup will be paired with at least three mentors from the firm’s international network.
Flat6Labs Amman will invest in 12 to 16 startups every year and will run multiple cycles over a period of five years at least. The firm currently runs similar programs in Cairo, Tunis, Bahrain, and Beirut – and has a total AUM of more than $85 million. It has run over 40 program cycles to date, investing in 320 companies including Instabug, Brimore, Dabchy, Washmen, Illa, Chefaa, and Hawaya (exited and prev. known as Harmonica).
Ramez El-Serafy, Flat6Labs CEO, said, “We are delighted to expand our presence into Jordan with the launch of an early-stage fund and seed program, which creates exciting opportunities for local startups. As the region’s leading seed and early-stage venture capital firm, Flat6Labs is well placed to support the aspirations of the Kingdom’s talented entrepreneurs and help them take their businesses to the next level. We aim to support the growth and development of Jordan’s start-up ecosystem, and thus contribute to a thriving national economy.”
The accelerator is looking to invest in Jordanian startups across different verticals including information and communication technologies, software solutions, education, healthcare, digital content and games, hardware, electronics, manufacturing solutions, renewable energy, agricultural solutions, big data and analytics, fintech, media, and entertainment.
Rasha Manna, General Manager of Flat6Labs Jordan, commented, “Jordan is home to a pool of talented entrepreneurs who are ready to showcase their ideas to the world. We provide foundational support to startups through funding, mentorship and networking opportunities across the region and beyond. We are excited to now open applications for our first cycle and look forward to starting work with Jordan’s most promising startups in the very near future to help them effectively scale and grow their business.”
Laith Al-Qassem, CEO at ISSF, said, “ISSF has been mandated to improve the Jordanian entrepreneurial ecosystem through acting as a fund of funds and through facilitating the creation of new funds to serve the investment needs of entrepreneurs and start-ups along their journey towards success. Flat6Labs fills an important gap and role by providing studied equity capital starting from seed stage accompanied by competent hands-on incubation and mentoring which will facilitate speedier and more focused growth in the investments they make.”