Flat6Labs, an Egypt-based seed-stage accelerator, launched a $95 million Africa Seed Fund investment vehicle to fund Sub-Saharan Africa startups in the fintech, health tech, logistics, mobility, cleantech, agro-tech, retail, and e-commerce sectors.
Aiming to invest in up to 170 startups over the next five years, The fund will invest between $150,000 and $400,000 in various sectors, and make follow-on investments of up to $500,000.
Previously, Flat6Labs invested in country-specific funds, including the $10 million Anava seed fund for Tunisian startups. It invested in startups in the Middle East and North Africa (MENA) for 11 years and has so far invested in over 100 startups in the region.
With the launch of the $95 million Africa Seed Fund investment, Flat6Labs is now expanding into East and West Africa, to admit 10 to 15 start-ups every six months in its seed program.
Ramez El-Serafy, Flat6Labs CEO said the expansion would be gradual, with two-thirds of its allocations still going to enterprises in North Africa. The focus will be on countries including Kenya, Nigeria, Senegal, Côte d’Ivoire, Ghana, and Cameroon. The goal is to be part of the support that startups across Africa need, especially in a tough fundraising environment.
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