Egypt’s Flat6labs helps raise USD 10 mn for startups: Egypt-based seed and early stage venture capital firm Flat6Labs will help raise USD 10 mn in financing for 24 startups operating across several sectors including energy tech and agritech as part of the VC’s StartMashreq Growth Track program, according to a statement(pdf). Under the program, the cohort — which includes Lebanese waste repurposing startup Compost Baladi, Abu Dhabi-based agritech startup Palmear, and Iraqi green solutions company KESK — will access new markets and use the proceeds to scale their operations, the statement notes. The 24 startups collectively generate recurring revenues of USD 20.8 mn annually and have raised a total of USD 38.5 million. The StartMashreq Growth Track program kicked off in June 2023 and will run until December 2024.

REMEMBER- Flat6 is going big on climate financing: Flat6 announced launch of a USD 95 mn fund targeting greentech, agritech, smart city, and climate tech startups based in Africa, Flat6Labs Chief Investment Officer Dina El Shenoufy told Enterprise Climate last March.

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