Flat6Labs Cairo, a startup accelerator in Egypt, announced the graduation of eight new start-ups from its first cycle of the fiscal year 2020 during its Spring 2020 Demo Day.
Flat6Labs Cairo’s spring 2020 cycle commenced 16 February and welcomed eight teams, filtered from around 1,000 applications, who are now ready to launch their businesses to the general public.
This cycle has entrepreneurs coming from all across Egypt and the startups are working across various industries, from home automation, health tech, logistics, and SaaS, to artificial intelligence, on-demand car services, freelance marketplaces, and biomaterials, offering innovative technological solutions set to disrupt the market, according to a statement.
Flat6Labs Cairo fosters and invests in Egyptian entrepreneurs which have cutting-edge ideas, and supports them by providing access to a vast network of local and international investors, industry experts, partners and corporations.
With a fund size of EGP 100 million, Flat6Labs Accelerator Company (FAC) aims at investing in up to 100 early-stage startups and plus 300 entrepreneurs, during its five years investment period.
Every six months, Flat6Labs Cairo provides seed capital to eight to 10 new startups. Each company receives from EGP 500,000 to EGP 750,000 in funding for up to 10 percent equity.
Flat6Labs Cairo has so far groomed and funded 106 startups.
“Our startups have been extremely resilient through a cycle that overlapped with Covid-19. They have developed and adapted their solutions to the pandemic,” Flat6Labs Cairo managing partner Marie-Therese Fam said.
The eight graduating startups including: 3atlana, a mobile application that offers car services on the go and connects users to trusted service providers; Bosla, a voice analytics software that analyses human behaviour; CreditGo, a payment aggregator for small businesses; Inploy, an online marketplace that connects businesses to premium freelance talent and SME’s; and Mycelium, transforming agricultural waste into new material that replaces plastic and synthetic wood.
They also included Opio, a digital women's fashion brand; Tayar, a fleet management SaaS powered by AI to automate and optimise home delivery operations for businesses; and Wedel, an on demand shipping and delivery hailing mobile application.