Flat6Labs, a Tunisian accelerator may get $1 million equity investment from the International Financial Corporation, according to a document cited on the IFC website. The investment will go into the Flat6Labs’ proposed $10 million fund – Anava Seed Fund an early-stage venture capital fund set up by the accelerator and will invest in 90 early-stage companies in Tunisia.
The document says, “Anava Seed Fund is a start-up accelerator and early stage venture capital fund raising TND 30 million to invest in around 90 early stage companies in Tunisia. This investment will fall under the IFC Start-up Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.”
“The proposed IFC equity commitment is up to $1 million, not to exceed 20% of total commitments,” the document added.
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Flat6Labs is Sawari Ventures’ start-up accelerator for seed stage investments. Launched in Cairo, it aids entrepreneurs during the first critical stages of development. It funds and mentors a number of selected start-ups from Egypt and the MENA region every four months, financing them with seed capital and physical hosting at its buildings. Its first batch of start-ups graduated last year, with each receiving about $45,000 as investment.
The shareholders of Flat6Labs Tunisia include Flat6Labs, Meninx Holding, the Tunisian American Enterprise Fund, Banque Internationale Arabe de Tunisie, and the Le15 founders.
Although, the status of the project according to the document bears ‘Pending Signing’ but that does not mean the deal has not been concluded. For example, the status of Vezeeta also carries ‘Pending Signing’ but IFC announced their $1 million investment with the company two weeks ago.
This is not the first time IFC will be investing in Flat6Labs Cairo. It has previously invested $2 million in Flat6Labs Cairo in late 2016. In May 2012, Flat6Labs joined the Global Accelerator Network (GAN), as the first member from Africa.
Some of its recent investments include WNNA, Nural, Chefaa, Tombeely, MedMisr, Elkrem, Vynd, Dabchy, Harmonica and Crowdsway.