Flat6Labs Launches New $95m VC Fund to Expand Its Impact in Africa


Share post:

  • Flat6Labs has launched a new $95 million Seed Fund to boost the growth of early-stage tech startups in Africa
  • The fund will focus on three main investment territories in Africa: North Africa, West Africa, and East Africa
  • Flat6Labs will be extending its reach into several new territories including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others

Egypt- Flat6Labs, MENA’s leading seed investor, has announced the launch of a new $95 million Seed Fund to nurture the growth and development of early-stage tech startups on the African continent.

Flat6Labs has a proven track record in carefully vetting out and investing in promising startups in North Africa since it was founded 12 years ago, with more than $16 million invested in startups, and over $191 million raised in follow-on funding while creating more than 2,500 direct jobs and 80,000 indirect jobs through its first two funds in Egypt and Tunisia.

Headquartered in Egypt, the Africa Seed Fund (ASF) will focus on three main investment territories in Africa: North Africa, West Africa, and East Africa.

Flat6Labs will be extending its reach into several new territories including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others.

The ASF will be led by Ramez El-Serafy and Dina el-Shenoufy as General Partners for the fund.

The fund will invest in more than 160 early-stage startups over the next five years that operate in the technology sector in Africa, with a focus on impactful sectors that accelerate digital inclusion through the use of information technologies and industries which contribute to addressing social and environmental challenges, such as HealthTech, FinTech, EdTech, GreenTech, AgriTech, ClimateTech, and other sectors.

The significant influx of capital from the ASF has the potential to create more than 14,000 jobs, provide support to more than 1,200 founders with 20% female participation, and generate revenue of more than $700 million.

Ramez El-Serafy, General Partner for ASF, 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.”

With the Africa Seed Fund, Flat6Labs will be investing in 160 companies that are in Pre-Seed up to Pre-Series A stage, with tickets ranging from $150K- $500K through the Flat6Labs’ Africa Seed Program and will also be providing seed tickets to seasoned founders independently of the program.

ASF will also be able to reinvest into portfolio companies in follow-on rounds.

Flat6Labs’ Africa Seed Program provides portfolio companies joining the program 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.

Dina el-Shenoufy, General Partner for ASF, said:

“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 is designed to provide entrepreneurs with the resources that they need to be able to grow and to scale-up their businesses to new heights.”

el-Shenoufy added that they have observed that the entrepreneurial market has matured over the years with a new wave of founders that are more experienced.

“We will also cater for these founders and offer higher ticket sizes to support these companies and a different track to the program” el-Shenoufy added.

The Africa Seed Fund (ASF) is being established by Flat6Labs, project (SAIS), with the support of the GIZ on behalf of the German Government, and through the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Start-ups project (SAIS).

Also read: I&P sponsors Inua Capital, new woman-led Impact Fund dedicated to SMEs in Uganda

I&P Sponsors Inua Capital, New Woman-Led Impact Fund Dedicated to SMEs in Uganda

Subscribe to our weekly newsletter and get industry reports and deals happening in Africa.


Please enter your comment!
Please enter your name here

Other stories you may like

Related articles

Mediterrania Capital Partners, DEG, Proparco and FMO Invest $81M in Morocco’s Laprophan

Mediterrania Capital Partners has announced its acquisition of a stake in Laprophan, one of Morocco's leading pharmaceutical...

South African Student Housing Startup DigsConnect Secures Funding from Intaba Capital

Student housing startup in South Africa DigsConnect has raised undisclosed funding from Intaba Capital The funding is...

Egyptian Companies to Benefit from $15M EIB, ALEXBANK Partnership to Increase Renewable Energy Use

First cooperation between the two organisations under Egypt-Green Economy Financing Facility (GEFF) to accelerate business energy investment...

Inua Capital Announces Launch of Impact-Focused Private Equity Fund for Ugandan SME

Inua Capital has launched an impact-focused private equity fund for Uganda SMEs seeking to grow their business ...