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."

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