The largest VC firm in the area, Flat6Labs, embarks on its most extensive investment in African startups.
A $95 million Africa Seed Fund (ASF) has been formed by Egypt-based VC company Flat6Labs to aid early-stage ICT start-ups in North, West, and East Africa.
Over the next five years, the ASF will invest in more than 160 businesses at pre-seed through pre-Series A stages. With Flat6Labs’ Africa Seed Program, tickets costing between $150,000 and $500,000 will be made available.
The fund, which focuses on fintech, healthtech, agritech, greentech, and climate tech, will be run by general partners Ramez El-Serafy and Dina el-Shenoufy. With its growth, Flat6Labs will also enter a number of new countries, including Ghana, Kenya, Morocco, Nigeria, and Senegal.
“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,” said Ramez El-Serafy, General Partner for ASF.“We will leverage our experience and knowledge to guide the startup founders to create truly scalable, investment-ready, Africa-based companies.”
Having supported early-stage businesses in 15 MENA nations for almost ten years, Flat6Labs’ most extensive entry into investing in African entrepreneurs is the Africa Seed Fund. The ASF will provide access to the network of mentors, investors, and advisors at Flat6Labs in order to foster the development of African tech ecosystems and the economy of the continent.