Flat6Labs launches $95m VC fund
Flat6Labs, a seed investor in the Middle East and North Africa (MENA) region, has announced the launch of a new $95 million seed fund to back early-stage tech startups on the African continent.
Headquartered in Egypt, the Africa Seed Fund (ASF) will focus on three main investment territories: 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.
El-Serafy, general partner for ASF says, “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.”
The fund aims to invest in 160 companies that are in pre-seed up to pre-series A stage, with tickets ranging from $150,000-$500,000. ASF will also be able to reinvest into portfolio companies in follow-on rounds.