Flat6Labs forms $95 million seed fund to support start-ups

A $95 million seed fund was formed by Cairo-based venture capital firm Flat6Labs to support African technology start-ups in their early stages.

The Africa Seed Fund (ASF), which has its headquarters in Egypt, will concentrate on three key investment regions: North Africa, West Africa, and East Africa, according to a statement released by Flat6Labs on Tuesday.

With the help of the new money, Flat6Labs hopes to expand its presence in a number of additional nations, including Senegal, Ghana, Kenya, Nigeria, and Kenya.

Ramez El Serafy, general partner at ASF, said that Africa is one of the most interesting places to invest in technology and innovation because of its enormous untapped potential and distinctive commercial opportunities.

To help the start-up founders build truly scalable, investment-ready, African enterprises, we will draw on our expertise and knowledge.

Over the next five years, the fund will invest in more than 160 early-stage tech start-ups. It will concentrate on industries like HealthTech, FinTech, EdTech, GreenTech, AgriTech, and ClimateTech that help address social and environmental problems and industries that speed up digital inclusion.

According to Flat6Labs, the new fund's investment has the potential to bring in more than $700 million in revenue, assist more than 1,200 creators, including more than 1,200 women, and create more than 14,000 new employment.

According to the Partech 2022 Africa venture capital report, the African tech ecosystem is booming, with funding for the industry rising to $6.5 billion last year from $6 billion in 2021.

The new fund seeks to be a "catalyst for driving long-term good change that the youth of Africa genuinely deserve, and to giving resources to the brightest of them, while speeding the future of the African continent," according to Dina Al Shenoufy, general partner at ASF.

"The project is meant to offer entrepreneurs with the resources that they need to be able to grow and to scale up their firms to new heights."

Comments

1 Saudi Move & Impact On West Asian Geopolitics

As one of the most influential players in the Middle East, Saudi Arabia's actions have far-reaching consequences for West Asian geopolitics. In recent years, we've seen several moves from this powerful nation that are shaking up traditional power dynamics and creating new alliances. From its diplomatic spat with Qatar to its growing relationship with Israel, Saudi Arabia is making bold moves that could change the face of West Asia as we know it. Join us as we dive into the geopolitical implications of Saudi Arabia's latest actions and explore what they mean for the future of this critical region. Saudi Arabia has long been a dominant force in the Middle East, wielding its oil wealth and religious influence to shape regional politics. Its alliance with the United States has given it even greater sway on the global stage, making it a key player in shaping West Asian geopolitics. However, Saudi Arabia's role in the region is not without controversy. Its support for conse

Verbal spat between Joe Biden and Benjamin Netanyahu over Israel judicial overhaul

The Prime Minister of Israel, Benjamin Netanyahu, turned down United States President Joe Biden’s suggestion that the Israeli government “walks away” from a plan to overhaul the country’s legal system. A verbal spat between the two close allies took place on Wednesday. The US President and Israeli Prime Minister exchanged a few words on judicial changes in Israel. On Tuesday, reporters asked Joe Biden about Israel’s judicial overhaul planned reforms. Biden reportedly said, “I hope he (Netanyahu) walks away from it.” He said that the Israeli government “cannot continue down this road” and urged compromise on this plan to overhaul the country’s legal system. Subsequently, the Israeli PM said that his country makes its own decisions. He reportedly said in a statement, “Israel is a sovereign country which makes its decisions by the will of its people and not based on pressures from abroad, including from the best of friends.” Netanyahu’s latest comments came a day after he delaye

Fights break out as Kurds protest the French government's denial of a terrorist attack

Following the murder of three Kurds in what is being considered to be a probable racist incident , there have been widespread protests in Paris. The fact that the authorities did not view the attack at a Kurdish centre as a terrorist act has enraged the Kurdish diaspora in Paris. A 69-year-old man opened fire on a crowd of individuals early on Friday morning at the Ahmet-Kaya centre on Rue d'Enghien in the 10th arrondissement. One of the three victims is badly injured. All of the dead were Kurdish community members who passed away both inside and outside the cultural centre. Agit Polat, a spokesman for the Kurdish centre, charged that French officials "yet again failed to safeguard us... This is a terrorist attack in our eyes, according to the AFP news agency. In the afternoon, a number of protestors, largely from the Kurdish diaspora, got into a fight with the police outside the centre and in the streets close by, throwing rocks and torching trash cans. Police use

Newsaholic

Search This Blog