Egyptian seed-stage accelerator Flat6Labs launched an Africa Seed Fund with a target of $95M.
The initial close is expected by the end of this year. The firm aims to back fintech, health tech, logistics, mobility, cleantech, agtech, retail, and e-commerce startups.
- The fund is the firm's first investment vehicle dedicated to startups outside the MENA region. However, two-thirds of the fund will still be invested in North Africa.
- Individual ticket size will range from $150,000 to $400,000.
- The firm expects to make follow-on investments of up to $500,000.
- Flat6Labs aims to back 10-15 startups every six months through its seed accelerator program, with a target of backing 170 startups over the next five years.
- CIO Dina El-Shenoufy said, "About 60 percent of the checks will probably be checks that happen alongside the [seed] program, whereas the rest will be straight checks for more mature founders."
- The firm has over $100M in assets under management (AUM).
