According to bank provided information, the investment is an IFC equity investment in Flat6Labs Amman (“F6LA” or the “Fund”) that would consist of up to USD2 million in the Fund which is a startup accelerator and early stage venture capital fund raising USD 20 million to invest in around 90+ Jordanian startups. This investment will fall under the IFC Startup Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.
In addition, IFC as implementing entity of the Women Entrepreneurship Finance Initiative (“We-Fi”) will provide USD 0.5 million (“the We-Fi co-investment”). The We-Fi co-investment will support the Fund to catalyze investment into more women-owned/led businesses and accelerate the Fund’s support to early stage high-impact women-owned/managed startups ensuring that they are an ongoing and dedicated focus of the Fund. No concessionality (i.e., “subsidy”) is provided by the We-Fi co-investment in this project as it will be on a pari-passu basis with the IFC own account investment.
Flat6Labs Amman is being formed with the aim of stimulating the startup ecosystem in Jordan. Expected commitment closed in Q2 2020 are from Saudi Jordanian Investment Fund, (“SJIF”) amounting to USD 4 million, the Innovative Startups and SMEs Fund (“ISSF”) amounting to USD 3 million, and Beyond Capital amounting to USD 500,000 for first close and USD 500,000 for the second close. Total current commitment before IFC is USD 7.5 million. ISSF is a World Bank program created in partnership with the Jordanian government to re-invigorate the entrepreneurial ecosystem in Jordan. ISSF is a private sector-managed fund aimed at investing in innovative startups and early stage SMEs and is anchored by a USD 50 million investment from the World Bank, complemented by USD 48 million in co-financing from the Central Bank of Jordan. SJIF is an Amman-based Limited Public Shareholding Company with capital commitment of USD 3 billion and focus on investment in Jordan. Beyond Capital is an impact investment fund that invests in for-profit social enterprises throughout India and Africa.
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Flat6Labs for Incubators, S.A.E.
Chief Investment Officer
(+20) 2 3568 5856
1 Dr. Mohamed Sobhy St., 2nd Floor, Giza, Cairo, Egypt 12511
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