The Cairo-based Flat6Labs accelerator is one of five investments in the International Finance Corporation’s initiative to boost earlier stage ventures, known as the Startup Catalyst initiative.
The IFC, part of the World Bank Group, is looking to expand its early-stage venture portfolio from $30 million to $100 million.
The IFC has typically backed companies raising growth equity in a Series B round, in which it could invest $5 million or more.
Startup Catalyst invests $1 to $3 million in seed-stage startup funds and accelerator programs, including 500 Startups, Nxtp.Labs, SOSV and SeedPlus. The group is focusing on consumer internet, health tech, edtech and fintech.
Photo credit: Flat6labs