Cairo - Mubasher: Flat 6 Labs Company said that the International Finance Corporation (IFC) and the Social Fund for Development (SFD) will participate in the company's new fund dedicated to financing startups in Egypt with initial investments of EGP 75 million.
IFC will provide nearly $2 million of capital funding to Flat 6 Labs Cairo, which plans to invest in 100 technological startups and support more than 300 entrepreneurs during the coming five years, the company added in a statement.
The Flat 6 Labs' fund is expected to support around 20 startups annually with an initial investment average of EGP 350,000 and to boost the entrepreneurship sector in Egypt and create job opportunities.
The company has already invested in 54 startup companies including "Instabug", a platform for mobile developers that attracted more than 400 million users in three years.
The statement also showed that Philippe Le Houérou, the executive president of IFC will meet Sahar Nasr, the minister of international cooperation, to enhance cooperation between Egypt and the corporation and increase the number of executed projects in the joint portfolio worth $2 billion.
