Minister of Investment Sahar Nasr stands between Flat6Labs Cairo Spring 2018 Demo Day 10 startup graduates, May 14, 2018 – Press Photo
CAIRO – 16 May 2018: Flat6Labs, the outstanding regional startup accelerator and incubator, celebrated on Monday the graduation of 10 new technological start-ups that witnessed their first cycle of fiscal year 2018.
Flat6Labs Cairo’s 10th Demo Day was held in the attendance of Minister of Investment Sahar Nasr and various investors, mentors, top government officials, reputable technology experts and influencers from the region.
During the graduation ceremony, Nasr said, “We are honored to be investing in Flat6laps; we are impressed and proud of all startups, their success stories, and the impact they make.” She added, “You are the ones who will create jobs, bring the new technology in and spread the knowledge about how it can be utilized for a better world and a better Egypt. We want to encourage you. As a ministry, we are there to make sure that you have the right eco system.”
In July 2017, Nasr inked an agreement with Flat6Labs and Egypt Entrepreneurship and Investment Company to invest LE 10 million ($559,070) in emerging companies.
The minister highlighted that the deal aims to encourage the private-sector investments in Egypt through encouraging the innovation and supporting entrepreneurs, empowering youth and creating job opportunities for the Egyptian young people in all the state’s governorates.
Every six months, Flat6Labs Cairo provides seed capital to 10 new startups; each company receives up to LE 500,000 in funding for 10 percent equity.
Ten promising new startups are excited to launch their businesses to the public. The startups are working across various industries such as FinTech, Medicine, Training and Development to Transportation, and Insurance and Retail, offering innovative online and digital solutions that are set to disrupt the market.
Moustafa Khater, Flat6Labs Cairo managing director, said, “I am proud to witness such bright and passionate entrepreneurs, representing an exquisite display of diversity,” adding that with a bustling population shortly at the 100 million mark with 50 percent below the age of 30 and tech savvy, Egypt is poised to be one of the fastest growing entrepreneurial hubs in the world.
"We realize this opportunity and would like to encourage entrepreneurs through the critical first steps of their development. We are now ready for the 11th cycle and we look forward to welcoming new, innovative and disruptive technologies in Egypt,” Khater concluded.
The 10 graduating startups that presented their business ideas at Flat6Labs Cairo 10th Demo Day include; 7aweshly, a mobile application for micro-savings; Arza2, a platform targeting blue-collars’ hiring; Chefaa, an application to order from pharmacies online; iSagha, the first online jewelry marketplace; Med Misr, a digital third-party administrator that provides medical insurance companies with innovative online paper-free solution with fraud controls.
The other five innovative startups are: Mosawer, a platform that aims at connecting photography professionals to clients around the MENA region; Tombeely, a digital platform aimed at being a one-stop shop for everything car-related; Transpooler, a platform that aims at giving parents, schools and fleet companies the right tools to ensure safe and convenient transportation; Wasel, a transportation platform connecting passengers between governorates with professional drivers; and Weelo, a platform that connects users to their nearest supermarkets to facilitate grocery shopping.
Flat6Labs is a leading regional startup accelerator program and seed investment company which invests in passionate entrepreneurs with cutting-edge ideas.