Flat6Labs Accelerator Company S.A.E. (IFC-38087)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 15, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Flat6Labs
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 29, 2018

Disclosed by Bank Apr 13, 2016


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Project Description

According to IFC website, Flat6Labs Accelerator Company S.A.E is a Cairo-based accelerator that is raising EGP 50 million to support 100 early stage companies in Egypt, primarily in the ICT sector.

People Affected By This Project

(i) Address funding gap for seed stage investments: Flat6Labs Cairo will support approximately 100 early stage companies, helping to fill the void of early stage capital. More broadly, IFC would like to help build and support local, sustainable ecosystems for entrepreneurship and venture capital. (ii) Support local entrepreneurship: Through its bootcamp, acceleration cycles, and various internal and external events, Flat6Labs Cairo will help support entrepreneurship. Over the investment period, Flat6Labs Cairo hopes to mentor 300 founders/entrepreneurs. (iii) Job Creation: From the approximately 100 companies supported through the accelerator, Flat6Labs Cairo expects those that are able to successfully raise follow-on funding to directly and indirectly create 1,500 new jobs.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Flat6Labs Cairo will be managed by Sawari Ventures for Incubators S.A.E (“Flat6Labs”), an Egyptian company established in 2011 by Ahmed El Alfi and Hany Al Sonbaty with Ramez Mohamed as CEO, and Dina el-Shenoufy as CIO.

Contact Information

Project Contact: Ramez Mohamed
Sawari Ventures for Incubators S.A.E
Office Address: 1 Dr. Mohamed Sobhy St., Giza
2nd Floor, Flat 6, Cairo, Egypt
Contact No.: +20 2 3568 5856

ACCOUNTABILITY MECHANISM OF THE IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/