Flat6labs signs $1M deal with IFC
Flat6labs has signed a $1 million deal with the World Bank investment arm International Finance Corporation (IFC).
The Egyptian incubator, which has arms across MENA, will use the money to close a 50 million Egyptian pound fund (US$5.6 million), intended to launch around 100 startups over five years, according to Techcrunch.
The deal is one of the first investments in the IFC’s $30 million Startup Catalyst program. It’s an initiative designed to back accelerators in emerging markets, and is part of a broader IFC Venture Capital program to increase the corporation’s investments in emerging market tech entrepreneurs to $1 billion. It also invested $3 million in Argentinian accelerator NXTP Labs.
The Startup Catalyst program will make 15 to 20 investments in accelerators and seed funds in emerging markets including Nigeria, Ukraine and Mexico during the next 18 months.
IFC Venture Capital is looking at healthcare, education technology, ‘internet’ startups and clean tech verticals, and has already invested in online marketplaces Souq.com and Kaymu from the region.
Feature image via Flat6labs Tunis.