Saturday , 15 June 2024
Home Fintech <strong>MENA VC Flat6Labs Launches Fund to include East, West Africa Startups in Portfolio</strong>

MENA VC Flat6Labs Launches Fund to include East, West Africa Startups in Portfolio

One of the busiest VCs in Africa, Flat6Labs is an Egypt-based seed-stage accelerator that has backed over a hundred entrepreneurs in the Middle East and North Africa (MENA) area.
Currently, with the help of a $95 million Africa Seed Fund, the company is extending its presence into East and West Africa after 11 years. Its first foray outside of MENA is this.
Two-thirds of Flat6Labs’ funding is still going to companies in North Africa, but the company plans to progressively boost its allocations to sub-Saharan Africa. A preliminary close is likely before the year is over.

In addition to Kenya and its surrounding markets in East Africa, the focal nations also include the francophone and anglophone regions of West Africa, which include Nigeria, Senegal, Côte d’Ivoire, Ghana, and Cameroon.
The $10 million Anava Seed Fund for entrepreneurs in Tunisia is one example of Flat6Labs’ past country-specific funds. This is the company’s first fund for startups across many nations.

With an emphasis on companies in the fintech, healthtech, logistics, mobility, cleantech, agtech, retail, and e-commerce industries, Flat6Labs intends to distribute funds across all industries. It will make an initial investment of between $150,000 and $400,000 and up to $500,000 for additional support. Investments into previous funds have ranged from $30,000 to $100,000.
Entrepreneurs from different countries, cultures, and backgrounds join the cohort to work together, share ideas, and open doors to new markets. In order to support up to 170 entrepreneurs over the next five years, the accelerator’s seed program will accept 10 to 15 startups every six months.

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