As Flat6Labs Cairo prepares to roll out the 12th cycle of its acceleration program in January 2019, the leading Egyptian startup accelerator has announced a rather wholesome news for the aspiring participants. Per the announcement, all participants in the 12th cycle of the program will receive a minimum of ~$28,000 (500,000 EGP) to a maximum of ~$42,000 (750,000 EGP) in cash advance.
The ultimate objective behind this move is to help the participating startups with their initial expenses while simultaneously encouraging them to focus more on their products and growth strategy.
Under the 12th cycle of Flat6Labs Cairo’s acceleration program, each participating startup will be enrolled in an intensive four-month curriculum. Upon successful completion of the curriculum, the startups will receive up to ~$111,00 (2 million EGP) in post-acceleration follow-on funding. In exchange, Flat6Labs Cairo will acquire a 10 percent equity stake in the startups joining the program.
“With up to EGP 750,000 in cash funding, up to EGP 2 million in follow-on funding, grant funding of up to $25,000 to eligible startups with the support of StartEgypt, alongside a solid acceleration program and a stellar and experienced local team, Flat6Labs Cairo is now proud to offer an even more attractive package than before for visionary Egyptian entrepreneurs looking to scale their businesses in Egypt and MENA” said Ramez El-Serafy, CEO of Flat6Labs.
To date, Flat6Labs Cairo has invested in up to 100 early-stage startups in addition to more than 300 entrepreneurs. Its portfolio companies have so far collectively raised more than $3million in follow-on funding over the past five years.