Regional seed and early-stage venture capital firm Flat6Labs has finished raising $10 million for its seed fund targeted at Tunisian startups, according to a statement released by the company.
The seed fund, called Anava Seed Fund (ASF), at first sought a close of $3 million but instead closed 3.3x of the initial figure. The fund represents the increasing investments in early-stage African startups, mainly North African ones.
In May, Flat6Labs completed the close of its Egypt-based fund — Flat6Labs Accelerator Company fund (FAC) — at $13 million.
Flat6Labs launched in 2011 with offices in Egypt and Tunisia, establishing its Cairo programme and the ASF in 2017. The latter was effected in partnership with the Tunisian American Enterprise Fund, BIAT Bank and Meninx Holding. The plan was to invest in up to 90 Tunisian early-stage startups within five years.
So far, the Anava Seed Fund has invested in more than 50 startups in seed, follow-on and pre-Series A stages.
In a statement, Flat6Labs CEO Ramez El-Serafy said completing the ASF fund is a step in the right direction for North African markets to actualize its untapped potential and business opportunities.
“I’m happy to see that more and more investors are sharing our enthusiasm towards this rapidly growing market by increasing their commitments in both FAC Egypt Fund and Anava Seed Fund,” he said. “We look forward to expanding our impact even further in North Africa with the support of our investors and partners.”
