Over the past two months, our startups around the region have been facing an unprecedented challenge that is the COVID-19 pandemic. Operations, liquidity and employment have been affected in many industries, but just as these challenges presented themselves, many of our startups adapted to the situation. Five of these startups were capable of securing follow-on funding of over EGP150m in only two months: Brimore, Chefaa, Instabug, Moneyfellows, and VRapeutic.
Brimore joined Flat6Labs Cairo 11th cycle, securing a seed fund from our program in Cairo. The startup, well known for its end-to-end distribution platform, caught the eyes of investors like Algebra Ventures and Endure Capital, who helped it raise $800k in seed funding. Lately, it was announced that Brimore had secured a Pre-Series A fund worth $3.5m. The round was led by Algebra Ventures, with the participation of Flat6Labs, Disruptech, Vision Ventures, and 500 Startups.
Over the past few years, Chefaa has been capable of providing lots of customers with much needed medication using their app-based service. After their graduation from Flat6Labs Cairo, Chefaa was capable of securing a six-figure seed round from 500 startups, Flat6Labs and other investors late 2018. A few weeks ago, they had secured their first 7-figure Pre-Series A round from 500 Startups,Vision Ventures, Womena, and other investors.
“We see Flat6Labs as partners of success and they have made it clear on more than one occasion that they invest in people. Their faith in us as founders has had quite the impact on our performance. That affected our business directly and thus catching investors’ eyes. They were among the first believers in our vision & mission. Although COVID-19 has proven to be a global challenge, it has highlighted the gap in the safe digitization of many health care services and with chronic patients at highest risk it just made sense that Chefaa rises to the challenge. We don’t see raising investment as privilege, we see it as proof of past achievement and responsibility towards more to come.” — Doaa Aref, CEO of Chefaa.
It has been around eight years since their graduation from Flat6Labs Cairo, but during this time, Instabug has been capable of securing well-known clients like Samsung, Paypal, Lyft, EA Sports, Sound Cloud, Vodafone, and more. The bug reporting software, was capable of raising $1.7m from Accel in 2016. This year, they had secured a whopping $5m in a Series A round; making it the largest funding round a Flat6Labs Startup has raised.
The money circles app, Moneyfellows, was capable of securing a $4m Series A round from Partech Partners and Sawari Ventures in June 2020. Moneyfellows was part of Flat6Labs Cairo x Barclayas 1864 Fintech cycle. This investment has happened shortly after they had raised over $1m in a Pre-Series A round from 500 Startups, Angel Investors, and the Phoenician Fund.
VRapeutic (Flat6labs Cairo Cycle 12)
A finalist at MIT Arab Startup Competition 2017, the winner of SingularityU MENA 2019 $60k competition, and most recently, the winner of the $100k UNICEF grant; this is VRapeutic, a startup that uses VR to help manage and treat patients with ADHD and the many forms of autism.
“Flat6Labs Cairo is a second family, and a place to grow, personally and professionally. It is an accelerator that supports, builds, and cares for its startups. Joining Flat6Labs Cairo is one of the best milestones that every Egyptian startup would want to achieve” — Ahmed Al-Kabbany, CEO of VRapeutic.
Recently, Flat6Labs Cairo had just graduated its Spring 2020 cycle that saw 8 innovative startups in an array of industries showcase their solutions in a digital space. If you are interested in knowing more about our startups, you can experience our Digital Demo Day here. You can also connect with our startups, by clicking here.