Flat6Labs targets Jordan’s start-ups with fund launch

Mena venture capital firm and fintech accelerator, Flat6Labs, has expanded into Jordan with the launch of a US$20 million fund focused on start-ups.

The Jordan Seed Fund has so far achieved a first close of US$7.4 million following investment from the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Bank Al-Etihad, and GMS Ventures & Investments.

Central to the fund is an accelerator program that will run for four months and invest up to $70,000 in each selected start-up with the option of up to $170,000 in the next funding round.

Flat6Labs hopes to invest in 12 to 16 start-ups annually over a five-year period.

So far the venture capital firm has run more than 40 investment cycles in similar programmes in Cairo, Tunis, Bahrain and Beirut and has a total of $85 million in assets under management.

“We aim to support the growth and development of Jordan’s start-up ecosystem, and thus contribute to a thriving national economy,” said Ramez El-Serafy, chief executive at Flat6Labs.

©2021 funds global mena

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