Head’s up Lebanon ‘treps, here’s one for you. As part of a partnership between Flat6Labs and ArabNet, Flat6Labs Beirut has announced the launch of Lebanon Seed Fund (LSF)- which consists of a US$20 million early-stage fund with the aim of supporting 100 startups in the next five years.The LSF, approved by Banque du Liban’s Circular 331, is set to be utilized as part of Flat6Labs Beirut’s mission in pushing forward Lebanese entrepreneurs and startups to markets in the region and internationally. Regional ecosystem veterans would know this- but if you don’t, this isn’t Flat6Labs’ first foray, in fact, with its accelerator programs in Cairo, Jeddah and Abu Dhabi, Beirut will be its fourth regional accelerator. Other notable players in the initiative are FlatLabs Beirut’s partnership with BLOM Invest Bank for the fund placement, and Kobessie & Frangie as its legal counsel.
And entrepreneurs can expect impressive offerings: startups in the seed program would receive $30,000-$50,000 in funding, in return for 10%-13% equity, 16 weeks of mentorship, legal support, office space, training sessions on essential business skills, opportunities to pitch in front of investors and network with like-minded startups and potential partners regionally and globally. Meanwhile, for its early-stage funding program, startups -ether in early-stage or growth phase- with exhibiting traction, a solid team, and a growth plan can receive between $150,000-$500,000, as well as strategy, budget and legal consultancy, introduction to key potential partners, and strategic support in various business aspects to further scale the startup.
With much support set for the region, we can’t wait to see promising ideas and solutions from the region. Budding entrepreneurs, get moving- applications for the accelerator’s first cycle in both the startup seed program and early-stage fund are now open.