A $95 million fund has been established by Flat6Labs, a MENA-focused seed investor, to aid in the expansion and development of early-stage tech firms across the African continent.
Being active in Egypt, Lebanon, Tunisia, Bahrain, Jordan, the UAE, and Saudi Arabia, Flat6Labs has established itself as the region’s top seed and early stage venture capital business.
The company has pumped more than $16 million into startups since it was launched 12 years ago.
The three primary investment regions in Africa—North Africa, West Africa, and East Africa—will be the focus of the new Africa Seed Fund (ASF).
A report from Disrupt Africa says that Flat6Labs would expand into a number of new countries, including Senegal, Ghana, Kenya, Nigeria, and Kenya. 160 startups in pre-seed to pre-Series A stages will get investments from Flat6Labs, with tickets costing between $150,000 and $500,000.
Additionally, the initiative will offer new portfolio companies initial money, local business support, access to a network of seasoned local mentors in the area, as well as regulatory and logistical assistance to help them launch and expand their businesses.
For the following five years, the ASF, which will be run by general partners Ramez El-Serafy and Dina el-Shenoufy, will invest in more than 160 early-stage firms in Africa’s technology industry.
El-Serafy 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.”
Earlier this year, Tabby, a MENA-based provider of BNPL services, concluded its Series C round with $58 million, raising its worth to $660 million.
