The Lebanon Seed Fund has launched with $20 million for startups in the Middle East.
The new fund from the Beirut unit of Flat6Labs, is looking to invest in 100 startups over the next five years.
Most of seed funding will go to tech and science-focused ventures, such as information and communications technology, electronics, manufacturing solutions, and green technologies.
Lebanon has suffered a brain drain in recent years, but Beirut’s “local entrepreneurial ecosystem is steadily evolving to be one of the fastest growing in the region,” says Ramez El-Serafy, CEO of Flat6Labs, which is based in Cairo.
The media and events producer ArabNet and Lebanon’s Central Bank are also partners in the fund.
Photo credit: Inc. Arabia