Lebanon Seed Fund
launched by Flat6labs
$30,000 to $500,000 each
Flat6Labs Beirut announced the launch of Lebanon Seed Fund (LSF), a $20 million early stage fund aimed at supporting 100 local startups over the next five years.
Startups taking part in the seed stage program will receive $30,000-$50,000 in investment. They will go through a 16-week mentorship program. Early stage startups will receive $100,000 to $500,000, as well as access to Flat6Labs Beirut’s resources and operational guidance to scale.
The program is in partnership with ArabNet, and has the support of Central Bank’s (BDL) Circular 331.
Flat6Labs is a Cairo-based accelerator, which also has offices in Abu-Dhabi and Jeddah.
Flat6Labs Beirut, through the LSF, will seed and grow local startup companies working in innovation-based and knowledge-driven industries. These industries will mainly include information and communications technology (ICT), electronics, manufacturing solutions, green technologies and extends to the use of technology and knowledge in other core industries such as health, education, energy, transport, and financial services.
“The local entrepreneurial ecosystem is steadily evolving to be one of the fastest growing in the region,” said Ramez El-Serafy, CEO of Flat6Labs.
Omar Christidis, ArabNet CEO, said he believed that Flat6Labs Beirut will fill a necessary gap in the early stage funding of the ecosystem.
Flat6Labs Beirut partnered with BLOM Invest Bank for the fund placement.
Flat6Labs has more than 110 investments in startups from Egypt, Saudi Arabia, and the UAE.
Reported by Derek A. Issacs
Date Posted: Feb 23, 2017