{"id":582913,"date":"2023-03-15T00:00:00","date_gmt":"2023-03-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/flat6labs-launches-usd-95-mn-africa-wide-seed-fund\/"},"modified":"2023-03-15T00:00:00","modified_gmt":"2023-03-15T00:00:00","slug":"flat6labs-launches-usd-95-mn-africa-wide-seed-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/flat6labs-launches-usd-95-mn-africa-wide-seed-fund\/","title":{"rendered":"Flat6Labs launches USD 95 mn Africa-wide seed fund"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Flat6Labs <\/span><span style=\"font-weight:700\">is investing almost USD 100 mn in startups across Africa:<\/span><span style=\"\"> Egypt-based <\/span><span>venture capital firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.flat6labs.com\/\" style=\"\">Flat6Labs<\/a><\/span><span> launched a USD 95 mn Africa-focused seed fund, it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Flat6Labs-Africa-Seed-Fund-Press-Release-EN.docx-1.pdf\" style=\"\">press release (pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Flat6Labs-Africa-Seed-Fund-Press-Release-EN.docx-1.pdf\" style=\"\">)<\/a><\/span><span>. The Africa Seed Fund (ASF) is both Flat6Labs first venture outside MENA and its first regional fund, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/techcrunch.com\/2023\/03\/13\/mena-vc-flat6labs-new-fund-to-back-startups-in-east-west-africa\/\" style=\"\">TechCrunch<\/a><\/span><span style=\"font-weight:400;\"> quotes Flat6Labs CEO Ramez El Serafy as saying.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The timeline: <\/span><span>The fund will onboard two cohorts of 10-15 startups annually, with the first investments to be disbursed before the end of the year, according to the release. The fund is aiming for an initial close this year, TechCrunch reports. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Egypt-headquartered fund will focus on East, West, and North Africa<\/span><span style=\"font-weight:400;\">, and will see Flat6Labs for the first time target startups in Nigeria, Ghana, Kenya, Morocco, and Senegal, the release reads. Two-thirds of allocations will go to North African firms, according to TechCrunch. The fund wants to invest in more than 160 early-stage tech startups over the next five years, with a focus on health, fintech, education, agriculture, and sustainable solutions among other sectors. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Bigger investments: <\/span><span style=\"font-weight:400;\">Ticket sizes will range from USD 150-400k, with potential follow-on investments of up to USD 500k, according to TechCrunch. That\u2019s higher than Flat6Labs\u2019 ticket sizes for previous funds, which have ranged from USD 30-100k, the news outlet reports. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And a track for experienced founders: <\/span><span style=\"font-weight:400;\">Flat6Labs \u201cwill also be providing seed tickets to seasoned founders independently of the program,\u201d the release reads. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Target impact: <\/span><span style=\"font-weight:400;\">The fund wants to create 14k jobs, support more than 1.2k founders \u2014 some 20% of them women \u2014 and generate revenue of more than USD 700 mn, the release reads. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Germany is on board:<\/span><span> The fund will be supported by German development agency GIZ through two of its agriculture-focused initiatives, the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Startups project (SAIS). The press release didn\u2019t specify what form the support will take.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund will onboard two cohorts of 10-15 startups annually<\/p>\n","protected":false},"author":1,"featured_media":582914,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,697,125,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-flat6labs","tag-investment-watch","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"fb2c19bd-cc07-4131-9b35-fe63d7c6eade","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/North-Africa-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582900],"teaser":"The fund will onboard two cohorts of 10-15 startups annually","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.f8677973-05af-48fa-8463-d604faac014d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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