Regional seed and early-stage VC firm, Flat6Labs has announced the second close of its Tunisia-based Anava Seed Fund (ASF) raising the amount raised from $3 million to $10 million. The funds raised will help expand its impact involving world-class startup programs across North Africa. This follows the $13 million second close by Egypt-focussed Flat6Labs Accelerator Company fund (FAC).
Sawari Ventures‘ contribution to the Anava Seed Fund is at $1.6 million. Over the past 4 years, the ASF has invested in over 50 startups across Tunisia ranging from seed, follow-on, and pre-series A operating in 22 different sectors from fintech, retailtech, agriculture, education, aeronautics, you name it. Cumulatively, the supported startups have created over 500 high jobs, of which 61% are occupied by female talents.
The Anava Seed Fund was launched in 2017 to serve in a partnership between Tunisian American Enterprise Fund, Meninx Holding, and BIAT Bank so as to invest in 75 early-stage Tunisia startups within a 5-year period.
In a statement, Flat6Labs CEO Ramez El-Serafy pointed out that the North African markets hold “untapped potential and unique business opportunities.” He further pointed out increased investor enthusiasm in both FAC Egypt Fund and Anava Seed Fund.
Thus far, Flat6Labs has trained over 440 entrepreneurs, invested in 130 startups, totaling $10.5 million through its Tunis and Cairo seed funds. Thus far, Flat6Labs’ North African startups have gone on to raise over $37 million in follow-on funding.