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Egypt’s Flat6Labs launches $95m VC fund to support tech ecosystem in Africa

Egypt's Flat6Labs launches $95m VC fund to support tech ecosystem in Africa

New fund intends to purchase greater than 160 onset tech startups over the next five years

Cairo-based equity capital company Flat6Labs released a $95 million seed fund to enhance onset technology startups in Africa.

Headquartered in Egypt, the Africa Seed Fund (ASF) will concentrate on 3 main financial investment areas: North Africa, West Africa as well as East Africa, Flat6Labs stated in a statement on Tuesday.

Through the new fund, Flat6Labs intends to prolong its reach right into numerous brand-new nations consisting of Nigeria, Ghana, Kenya, Morocco and Senegal.

” Africa is among the most exciting areas to purchase tech and also development, with huge untapped possibility and distinct service possibilities,” stated Ramez El Serafy, basic companion at ASF.

” We will utilize our experience as well as understanding to assist the start-up owners to produce absolutely scalable, investment-ready, Africa-based business.”

The fund will purchase greater than 160 onset tech start-ups over the next five years. It will certainly concentrate on fields that speed up electronic inclusion and markets that contribute to dealing with social and also ecological challenges, such as HealthTech, FinTech, EdTech, GreenTech, AgriTech and ClimateTech.

The influx of capital from the new fund has the potential to produce greater than 14,000 jobs, provide support to more than 1,200 founders, with 20 percent female involvement, as well as produce more than $700 million in income, Flat6Labs claimed.

The African tech ecological community is growing, with funding for the market raising to $6.5 billion in 2014, up from $6 billionin 2021, according to the Partech 2022 Africa equity capital record.

The new fund aims to be a “driver for driving lasting positive change that the youth of Africa really be worthy of, as well as to giving resources to the brightest of them, while accelerating the future of the African continent”, stated Dina Al Shenoufy, basic partner at ASF.

” The programme is created to provide business owners with the sources that they require to be able to expand as well as to scale up their companies to new heights.”

With ASF, Flat6Labs will be buying companies that remain in pre-seed up to pre-series A phase, with tickets varying from $150,000 to $500,000 through the Africa seed programme.

The programme offers profile companies with seed financing, local company assistance as well as access to a local network of advisors. 2 associates will run annually, with approximately 10 to 15 start-ups per accomplice. The initial investments in the picked startups are planned before the end of 2023.

Given that its launch in 2011, Flat6Labs has been a key player in building and improving the business scene in the area.

It has invested more than $16 million in startups, and also has actually elevated greater than $191 million in follow-on funding while developing greater than 2,500 direct tasks and also 80,000 indirect work via its first two funds in Egypt as well as Tunisia.

Last month, Flat6Labs introduced the first close of the Start-up Seed Fund in Saudi Arabia, which is aimed at sustaining entrepreneurs in the kingdom. The 75 million-Saudi riyal ($20 million) fund was developed to purchase early-stage start-ups running in the modern technology and also development sectors in the kingdom.

Last Updated:  15 March 2023

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