BEIRUT: Flat6Labs, a leading regional early stage investor and accelerator, announced Wednesday a full exit of its investment in Cairo Startup Harmonica: a marriage matchmaking platform to global player Match.
Harmonica is a mobile application that helps “users meet their compatible life-time partner through scientifically driven, technology enabled, and culturally sensitive methods,” according to a statement.
American internet giant Match Group moved forward with a majority investment in Harmonica in preparation to enter the MENA and South-East Asian markets.
Harmonica joined Flat6Labs’ accelerator program in August 2017, where they received seed funding, mentorship, training, legal services, and other in kind services during the duration of the four-month acceleration period. Upon completing the acceleration program, Harmonica had acquired approximately 5,000 users, which quickly rocketed by 700 percent in the weeks following. Shortly after, Flat6Labs invested in Harmonica to fund their operations and fuel growth trajectory.
“From day one we’ve had a great deal of trust in Harmonica’s talented team, and their truly innovative marriage matchmaking application; and now, we’re thrilled that Match Group is sharing the same confidence in moving ahead with this remarkable majority investment deal,” said Ramez El-Serafy, Flat6Labs CEO.
“This deal not only marks the first major Flat6Labs exit with a 16x return on investment in just over one year, but also marks Match Group’s further entry in the MENA and the South-East Asian markets; and we’re proud that they’re actualizing this move with one of our very own startups,” added El-Serafy.
Harmonica allocated Flat6Labs investments towards the development of better algorithms, and the activation of their monetization plans. To date, Harmonica has been growing steadily at 650 percent per annum marking an exponential user growth for the application in a relatively short period of time.
“Two years ago, we founded Harmonica with our sisters, cousins and friends in mind, with the goal of helping them find the perfect partner. It was critical that what we built protected them and represented the values that our community cares deeply about. Also, it was important to ensure that their parents would be comfortable with them using our app,” said Sameh Saleh, CEO of Harmonica. “We’ve already enabled hundreds of marriages just in Egypt and believe there are exciting opportunities ahead as we join the Match Group portfolio.”
With Match Group's majority investment deal, Flat6Labs had realized a full exit on its investment in Harmonica, Flat6Labs said in a statement.
Harmonica is one of the many investments Flat6Labs has made including 224 startups with over 500 founders from across their six offices in MENA, with total assets under management amounting to $45 million.
Flat6Labs currently has accelerator programs and seed funds in Cairo, Jeddah, Abu Dhabi, Beirut, Tunis and Bahrain.
The Beirut office was launched in 2017 and approved by BDL under Circular 331.
At launch, Flat6Labs set out to support and invest in more than a 100 Lebanese startups over the next five year period through its $20 million seed program and early-stage fund.
They are located in the Beirut Digital District.
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