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

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Egypt
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 15, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Flat6Labs
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a 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
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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/

How it works

How it works