PRESS RELEASES

Flat6Labs Cairo Graduates Seven Innovative Startups during its Ninth Demo Day

December 3rd, Cairo, Egypt — Flat6Labs, the leading regional startup accelerator and seed investor, is proud to announce its Ninth Demo Day in Egypt with seven new startup companies graduating from its Fall 2017 accelerator program. The program, this year, plays host to an exceptionally diverse set of talents and start-up ideas; the spectrum of companies supported ranges from Education, FinTech, AgriTech to E-commerce, Design and Media.

 

 

This year’s Demo Day marks an important milestone in the history of Flat6Labs six year tenure in Egypt as it’s the first investment of Flat6Labs Accelerator Company. Flat6Labs had closed its first round of investment on its EGP 100 mn Flat6Labs Accelerator Company (FAC) fund on Dec 2016, with an aim to accelerate more than 100 Egyptian early stage startups and 300 entrepreneurs over the span of the next five years. The fund provides startups with up to EGP 1 mn in seed funding, in addition to entrepreneurship-focused business training, workshops and strategic mentorship services.

 

FAC’s first closing followed the signing of Egypt Ventures of an agreement to invest EGP 10 mn in Flat6Labs. Investment and International Cooperation Minister Sahar Nasr had signed the agreement with Flat6Labs, Egypt Ventures, and NI Capital in cooperation with the Egyptian American Enterprise Fund and the International Finance Corporation. FAC’s current notable investors include the International Finance Corporation, MSME Development Agency, Egyptian American Enterprise Fund, and Egypt Ventures.

 

The Demo Day launches this year at the Gomhoreya theatre and attracts more than 400 delegates from government representatives to renowned business investors, executives, and media figures. The Demo Day is designed to give exposure and spotlight on the graduating start-up companies, garnering business support and providing opportunities for startups to establish networks and showcase their products and innovative business solutions to a diverse set of audience and investors.

 

Ramez Mohamed, the CEO of Flat6labs commented on the success of the Ninth Demo Day “We are very proud to be introducing the first round of graduates from FAC’s program, which does not only focus on investing in high potential companies within innovation based and knowledge driven industries but which also aims at spear-heading value creation on a micro and macro-level by investing in young, passionate entrepreneurs with a zest for success”. He added, “this year’s cycle brings a promising lineup of startups that will add value to the entrepreneurial ecosystem in Egypt and across the MENA region”

 

The Fall 2017 cycle encompassed a diverse group of startups offering business products and solutions in ICT, Education, Financial Services and Payments (FinTech), AgriTech, E-commerce, Digital Content, Online Media Design and Media. The FAC provided a unique opportunity for the start-ups to interact and get operating advice from an experienced team of consultants with a confluence of proven investment, operating and domain expertise in MENA, Europe and North America.

 

The seven graduating startups that are showcasing their technologies and business ideas on Flat6Labs Ninth Demo Day include:

 

  • Argineering: a cutting-edge device for designers to create interactive environments, with zero line of code.
  • Chqmate: a payment application that facilitates the settlement of checks among big groups of friends or people
  • Conative Labs: is an IoT-enabled water quality monitoring and alarming system for aquaculture
  • Harmonica: is the first Egyptian Match-Making mobile application
  • MARJ3: is an online platform connecting scholarship seekers in MENA with global scholarships
  • Massyaf: is an innovative vacation home rental marketplace with a market tailored approach.
  • Recommendator: is a video-on- demand streaming service, showcasing the latest in world- class originals, ground-breaking shorts and cutting-edge independent films.