Flat6Labs, an Egypt-based accelerator backed by telecom entrepreneur Naguib Sawiris’ Ventures fund and the School of Business at the American University in Cairo, has seen five of its graduating companies raise E£5m ($800,000).
Companies that graduate from Flat6Labs’ programs are eligible for an addition E£40,000 and 12 have graduated from the first two rounds since it started in October.
Flat6Labs receives between 10% and 15% equity in exchange for the financing and incubation of start-ups.
The American University in Cairo provides management training.