Ramez El-Serafy, Flat6Labs CEO, commented: “We are delighted to expand our presence into Jordan with the launch of an early-stage fund and seed program, which creates exciting opportunities for local startups. As the region’s leading seed and early-stage venture capital firm, Flat6Labs is well placed to support the aspirations of the Kingdom’s talented entrepreneurs and help them take their businesses to the next level. We aim to support the growth and development of Jordan’s start-up ecosystem, and thus contribute to a thriving national economy.”
Rasha Manna, General Manager of Flat6Labs Jordan, added: “Jordan is home to a pool of talented entrepreneurs who are ready to showcase their ideas to the world. We provide foundational support to startups through funding, mentorship and networking opportunities across the region and beyond. We are excited to now open applications for our first cycle and look forward to starting work with Jordan’s most promising startups in the very near future to help them effectively scale and grow their business.”
“ISSF has been mandated to improve the Jordanian entrepreneurial ecosystem through acting as a fund of funds and through facilitating the creation of new funds to serve the investment needs of entrepreneurs and start-ups along their journey towards success,” said Laith Al-Qassem, CEO at ISSF.
“Flat6Labs fills an important gap and role by providing studied equity capital starting from seed stage accompanied by competent hands on incubation and mentoring which will facilitate speedier and more focused growth in the investments they make,” he added.
“Jordan is an attractive market for entrepreneurship and early-stage capital given its young and increasingly urban population, high rates of technology adoption, and increasing government support,” said Abdullah Jefri, IFC’s Country Manager for the Levant. “Addressing the funding gaps will help build a robust startup ecosystem to tap into this potential and spur innovation and economic growth in Jordan and the region,” Jefri pointed out.
Launched in 2011, Flat6Labs has grown to become the MENA region’s leading startup accelerator managing seed funds with a total AUM of more than $85 million. The company has run over 40 seed program cycles, funding the creation and seeding of more than 320 companies. Approximately 40% of Flat6Labs’ graduating companies have succeeded in securing follow-on rounds of funding from regional and global institutions and individuals at higher valuations, translating to an unrealized IRR in excess of 25%.
Source: Jordan News Agency