Flat6labs launches $95m Venture Capital Fund for tech start-ups in Africa
By Gloria Methri
Flat6Labs, one of MENA’s leading seed investors, has launched a new $95 million Seed Fund to nurture the growth and development of early-stage tech start-ups on the African continent.
Flat6Labs has been vetting out and investing in North African start-ups since it was founded 12 years ago. To date, it has invested more than $16 million and raised over $191 million in follow-on funding, through its two funds in Egypt and Tunisia.
Headquartered in Egypt, the Africa Seed Fund (ASF) will focus on three main investment territories in Africa: North Africa, West Africa, and East Africa. Flat6Labs will be extending its reach into several new territories including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others.
The fund will invest in more than 160 early-stage start-ups in the next five years that operate in the technology sector in Africa. The influx of capital is expected to create more than 14,000 jobs, provide support to 1,200 founders with 20% female participation, and generate revenue of more than $700 million.
Ramez El-Serafy, General Partner for ASF, said, “We are extremely excited about the launch of the Africa Seed Fund. Africa is one of the most exciting regions to invest in tech and innovation, with huge untapped potential and unique business opportunities. We will leverage our experience and knowledge to guide the startup founders to create truly scalable, investment-ready, Africa-based companies.”
With the Africa Seed Fund, Flat6Labs will be investing in 160 companies that are in Pre-Seed up to the Pre-Series A stage, with tickets ranging from $150K to $500K. ASF will also be able to reinvest in portfolio companies in follow-on rounds.
The Africa Seed Fund is being established by Flat6Labs, project (SAIS), with the support of the GIZ on behalf of the German Government, and through the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Start-ups project (SAIS).
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