Flat6Labs, one of MENA’s largest and most influential startup accelerators, is expanding to Jordan. The platform has started its operations in the country with the launch of a $20 million seed fund, called Jordan Seed Fund.
According to reports, Flat6Labs has already raised $7.4 million from the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Bank Al-Etihad, and GMS Ventures & Investments.
It now plans on investing this fund in eligible Jordanian startups through its accelerator program. Flat6Labs has already invited applications from interested startups. The accelerator program will run for four months, after which each participating startup will receive up to $70,000 cash in funding. A follow-on funding worth of $170,000 will also be up for grabs.
The startups selected for Flat6Labs Amman will be entitled to additional perks such as office space, access to Flat6Labs’ extensive regional network, mentorship, and more.
As per its roadmap, the startup accelerator will be investing in 12 to 16 companies each year and will run multiple cycles over a minimum period of five years. It is worth noting that Flat6Labs have been running similar programs in Bahrain, Beirut, Cairo, and Tunis where it has a net AUM of more than $85 million.
Commenting on the expansion to Jordan, Ramez El-Serafy, Flat6Labs CEO, said, “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.”
