Amman, Jordan, June 17, 2021—IFC is supporting a new start-up accelerator in Jordan in an effort to encourage the growth of the country's burgeoning entrepreneurial ecosystem and pave the way for the creation of more innovative start-ups.
IFC is investing $2 million in Flat6Labs Amman, an accelerator and early stage VC fund, that aims to have seed funds of up to $20 million to invest in more than 90 Jordanian start-ups over the next five years. The Women Entrepreneurs Finance Initiative (We-Fi), which helps women entrepreneurs in emerging markets access finance and grow, will provide a further $500,000.
The accelerator, which will support early-stage, growth-driven companies through education, mentorship, and financing, will focus on businesses in the financial, healthcare, ICT, and education sectors.
Flat6Labs Amman is the latest location to be launched by Flat6Labs, a long-term IFC partner and the Middle East and North Africa's largest acceleration and early-stage investment program. Other investors in Flat6Labs Amman include the Innovative Start-ups and SMEs Fund, a $98 million fund supported by the World Bank and the Central Bank of Jordan, Beyond Capital, Bank Al-Etihad, and GMS Ventures and Investments.
Ramez El-Serafy, Flat6Labs CEO, said, "We are delighted to expand our presence into Jordan with the launch of an early-stage fund and accelerator program, which creates exciting opportunities for local start-ups. 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."
Rasha Manna, General Manager of Flat6Labs Jordan, added, "Jordan is home to a pool of talented entrepreneurs who are ready to showcase their ideas to the world. We provide foundational support to start-ups through funding, mentorship and networking opportunities across the region and beyond. We are excited to now open applications for our first cycle and look forward to working with Jordan's most promising start-ups in the very near future to help them effectively scale and grow their business.
As part of the We-Fi program, IFC will also work with Flat6Labs Amman to help women entrepreneurs overcome the challenges they face, foster greater inclusion, and create more opportunities. Access to financial and nonfinancial services is one of the key barriers for women.
"Jordan is an attractive market for entrepreneurship and early-stage capital given its young and increasingly urban population, high rates of technology adoption, and increasing government support," said Abdullah Jefri, IFC's Country Manager for the Levant. "Addressing the funding gaps will help build a robust start-up ecosystem to tap into this potential and spur innovation and economic growth in Jordan and the region."
The Flat6Labs Amman investment is part of the Startup Catalyst program, a $60 million global facility that supports incubators, accelerators, and seed funds in emerging markets to help catalyze venture capital ecosystems and spur entrepreneurial activity. IFC's investment in Flat6Labs Amman follows three other Startup Catalyst investments in the Middle East and North Africa region: Flat6Labs Cairo, Flat6Labs' flagship accelerator program based in Egypt; Flat6Labs Tunis, an accelerator and early-stage fund in Tunisia; and Ibtikar Fund, an early-stage fund in the West Bank and Gaza.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About We-Fi
We-Fi is a collaborative partnership among the 14 governments that have made financial contributions, six multilateral development banks that serve as implementing partners, and other public and private stakeholders. We-Fi invests in programs and projects increasing access to finance, markets, technology, and mentoring, while strengthening policy, legal and regulatory frameworks. As one of the We-Fi Implementing Partners, IFC supports private sector clients with investment and advisory services to expand financial services and market access for women-owned/led firms, as well as increasing the capacity of women entrepreneurs to run high-growth businesses. For more information, visit www.we-fi.org.
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