Seed investor and accelerator Flat6Labs has rolled out a new $95 million Africa Seed Fund (ASF) to grow and develop early-stage tech startups in Africa.
with the support of the GIZ and as part of the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Startups project (SAIS).
The ASF will invest up to $500,000 in 160 startups across pre-Seed to pre-Series A stages operating in healthtech, fintech, edtech, Greentech, agritech, climate-tech, and many more.
The main aim of the fund is to expand the accelerator’s reach into new territories such as Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others.
General Partner for ASF, Ramez El-Serafy 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.”
The significant influx of capital from the ASF has the potential to create over 14,000 jobs, support more than 1,200 founders with 20 percent female participation, and generate revenue of more than $700 million.
Co-General Partner for ASF, Dina el-Shenoufy, also 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.”
“We 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 further stated.
Flat6Labs is a Mena-focused Seed and early-stage venture capital firm that manages a number of Seed funds with a total capital worth $85 million.
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.
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).