Flat6Labs, a MENA-focused seed investor, has announced the opening of a new US$95 million fund to support the growth and development of early-stage tech firms across the African continent.
With operations in Egypt, Lebanon, Tunisia, Bahrain, Jordan, the UAE, and Saudi Arabia, Flat6Labs is the leading seed and early-stage venture capital firm in the MENA region.
The company has invested over US$16 million into new businesses since its founding 12 years ago.
The company’s new Africa Seed Fund (ASF) will focus its efforts primarily on the three key investment regions in Africa: North Africa, West Africa, and East Africa.
Nigeria, Ghana, Kenya, Morocco, and Senegal are just a few of the new countries that Flat6Labs will be expanding into.
Over the next 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 startups in Africa’s technology sector that address social and environmental issues.
These startups include those in the fields of e-health, fintech, ed-tech, green tech, agri-tech, and climate tech.
“The opening of the Africa Seed Fund has us incredibly excited. With enormous untapped potential and distinctive commercial opportunities, Africa is one of the most exciting regions to invest in technology and innovation. El-Serafy added, “We will use our experience and knowledge to help the startup founders build truly scalable, investment-ready, African enterprises.
With investments ranging from US$150,000 to US$500,000, Flat6Labs will support 160 startups in pre-seed to pre-Series A stages.
Read more on Tech Gist Africa:
Modus has announced a $75M venture capital fund to support AI and blockchain startups in Africa
Ventures Platform has closed its $46 million pan-African fund
TLG and Future Africa have launched a $25 million venture debt fund initiative for African startups
