Flat6Labs, a leading seed investor in the Middle East and African (MENA) region, has launched the African Seed Fund (ASF), a new $95 million fund aimed at nurturing the growth and development of infant tech startups in Africa. The General Partners, Ramez El-Serafy and Dina el-Shenoufy, will lead the fund, which will focus on three main investment territories in Africa: North, West, and East.
Flat6Labs plans to invest in more than 160 early-stage tech companies through the Africa Seed Fund over the next 5 years. These startups, however, must be focused on making impacts that accelerate digital inclusion through the use of information technologies and industries that address social and environmental challenges, such as HealthTech, FinTech, EdTech, GreenTech, AgriTech, ClimateTech, and other sectors. The funds will range from $150,000 to $500,000, and seasoned entrepreneurs will also be offered seed tickets by the Africa Seed Program.
Ramez El-Serafy spoke on the investment, highlighting their aim to support startup founders in creating the perfect African company.
“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,” Ramez El-Serafy said.
Since its establishment in 2011, Flat6Labs have grown into a total of 7 African countries. The platform has been a significant investor in technology-driven startups, offering a variety of investment ticket sizes ranging from $50,000 to $500,000 whilst supporting startups throughout their early phases, from Pre-Seed to Pre-Series A. With presence in Egypt, Lebanon, Tunisia, Bahrain, Jordan, UAE, and Saudi Arabia, Flat6Labs is looking to expand into Nigeria, Ghana, Kenya, Morocco, and Senegal.
The Africa Seed Fund is a program designed to provide entrepreneurs with the tools necessary to expand and scale up their businesses. Selected startups will receive seed funding, local business support, access to a network of seasoned local mentors, and regulatory and logistical support to scale their businesses. In subsequent rounds, ASF will also be able to reinvest in its portfolio companies.
Dina el-Shenoufy, General Partner for ASF, says that the Africa Seed Fund is well-positioned to be a catalyst for driving long-term positive change that the youth of Africa really deserve, and to providing resources to the brightest of them while accelerating the future of the African continent.
The program will run in two cohorts over a year. It will see participation from an average of 10-15 startups and selected startups for the first investments will be announced before the end of 2023. The program is regionally flexible and will run in a hybrid structure which combines virtual components that enable cohort interactions across the entire fund region and physical on-the-ground interactions in local markets.