Flat6Labs, a MENA-focused seed investor, has launched a $95m fund to support the growth and development of early stage tech startups on the African continent.
Flat6Labs has positioned itself as the MENA region’s leading seed and early stage venture capital firm, running a host of startup programmes and active in Egypt, Lebanon, Tunisia, Bahrain, Jordan, the UAE, and Saudi Arabia.
Since it was founded 12 years ago, the company has invested more than $16m in startups.
The new Africa Seed Fund (ASF) will focus on three main investment territories in Africa – North Africa, West Africa, and East Africa.
According to a report from Disrupt Africa, Flat6Labs will be extending its reach into several new territories, including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others. Flat6Labs will be investing in 160 companies that are in pre-seed up to pre-Series A stages, with tickets ranging from $150,000 to $500,000.
The programme will also provide portfolio companies joining with seed funding, regional business support, access to a regional network of seasoned local mentors, as well as regulatory and logistical support to set up and grow their businesses.
The ASF will be led by general partners Ramez El-Serafy and Dina el-Shenoufy, will invest in more than 160 early-stage startups over the next five years that operate in the technology sector in Africa.
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 BNPL services company based in the MENA region, closed its Series C round on $58m, which brings its valuation to $660m.
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