Lebanon Businessnews News

Egyptian accelerator
to open locally
To offer seed financing of up to $300,000
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The Egyptian accelerator Flat6Labs will open in Beirut, said co-founder Hany Al Sonbaty at the Arabnet conference, today. The accelerator will be established in conjunction with Arabnet, he said.

It will be Flat6Lab’s fourth accelerator in the region, after Cairo, Jeddah and Abu Dhabi.

"Our offering in Beirut will be consistent with our offerings across the region: A seed stage financing from $30,000 to $300,000, business training, access to top quality mentors and a whole host of perks and administrative support," said Al Sonbaty.

While competition in Beirut is known for its many local accelerators, Al Sonbaty said he views this as a challenging opportunity.

Lebanon has one of the most dynamic entrepreneurial ecosystems in the region, said Al Sonbaty and Lebanese entrepreneurs are legendary for having been able to take their inventions worldwide and leave a remarkable imprint.

Over the coming five years, Flat6Labs will launch 100 companies, raise $40 million in follow-on funding, create more than 1,000 jobs and get a good financial return for our investors.

Flat6Labs was established in Cairo in 2010. It has accelerated more than 75 companies in Egypt, KSA and UAE.
Reported by Rana Freifer
Date Posted: Mar 18, 2015
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