07 Jun 2016
Flat6Labs Launches A Seed Fund and A Startup Accelerator in Tunis at Le15 Startup Hub
The partnership with Meninx Holding and backed by TAEF and BIAT as lead investors, the initiative will provide the capital and support to more than 90 innovative Tunisian Startups over the next 5 years
Thursday, June 2, 2016 – Tunis, Tunisia Flat6Labs, the leading startup accelerator in the MENA region has announced the launch of Flat6Labs Tunis, the latest in its series of impactful startup accelerators and early stage seed funds. Launching at Le15 Startup Hub in partnership with Meninx Holding and backed by the Tunisian American Enterprise Fund (TAEF) and Banque Internationale Arabe de Tunisie (BIAT), Flat6Labs Tunis is targeting to support and invest in more than 90 Tunisian startups within the next five years through its accelerator program and a TND 20M ($10M) early stage fund.
Tunisia’s inherent tech-savvy and highly educated population coupled with its steadily growing entrepreneurial ecosystem will enable Flat6Labs Tunis to tap into a highly ambitious youthful talent, supporting a budding fast-paced economy.
“We are very excited about launching our newest location in the MENA region in a very special and a promising market like Tunisia” said Ramez Mohamed, Flat6Labs CEO. “By bringing together the support and local knowledge of Meninx, TAEF and BIAT and the expansive network of Flat6Labs’ regional and global partners, we are confident that Flat6Labs Tunis will grant Tunisian entrepreneurs the scaling opportunities they aspire across the MENA region and beyond” added Mohamed.
“It’s because we see a huge potential in our youth, and we believe that our country has no choice but to rely on innovation, merit and audacity, that Meninx Holding supported this initiative. Said Mr. Mehdi Tamarziste, CEO of Meninx Holding. “Le15 came as a socially responsible project even though we are sure that it will create value for us, for our partners and the country as well.” added Mr. Tamarziste.
Flat6Labs Tunis avec Le15 will provide guidance and support to entrepreneurs through Flat6Labs’ world-class and proven accelerator model; a globally competitive entrepreneurial training and a high-quality mentorship program, as well as a direct seed fund of up to one hundred thousand Tunisian dinars per startup (around USD 50K) in exchange for 10-15% equity.
“Future TAEF success depends upon the success of our investees and entrepreneurs but also of our partners. Once again, TAEF is demonstrating an innovative and inclusive investment strategy with Flat6Labs Tunis accelerator program and seed & growth fund partnering with TAEF, Meninx Holding and BIAT. We are very happy and confident that this partnership will be fruitful for all parties but most of all for entrepreneurs who would like to think big and realize their dreams.” said Mr. Bowman Cutter, Chairman of Tunisian American Enterprise Fund.
In pursuit of providing momentum to the budding Tunisian startups and entrepreneurs, Flat6Labs Tunis will also offer follow-on and early stage investment tickets ranging from TND 200K to 600K (around USD 100k – 300k) for the startup accelerator’s graduates and other emerging early stage startups in Tunisia.
“We are very happy to support this initiative, as part of a comprehensive strategy and effort that BIAT group has launched to support the entrepreneurial ecosystem in Tunisia” said Mr. Ismail Mabrouk Chairman of the Banque Internationale Arabe de Tunisie (BIAT). “We firmly believe in the talent of Tunisian people and the capabilities of our youth and we are fully committed to play an active role in supporting the development of the entrepreneurial spirit in our country” he added.
Flat6Labs Tunis avec Le15 is set to invest in high-growth potential and innovative startups in the realms of the knowledge-based economy like ICT, digital content, gaming & mobile apps, education, healthcare, FinTech, media, big data & analytics, IoT (Internet of Things) & connected devices, hardware & industrial solutions, renewable energy, green technologies, electronics and several other high-growth sectors.
To date and since its foundation in 2011, Flat6Labs has invested in more than 90 startup companies across the MENA region through its three locations in Cairo, Jeddah and Abu Dhabi with Beirut launching summer of 2016. More than 50% of Flat6Labs startups have managed to attract follow-on funding from a multitude of investors around the globe.
Flat6Labs Tunis avec Le15 is set to start its first acceleration cycle and its first round of investment in Fall 2016 and will open the application to receive proposals from the Tunisian entrepreneurs who are looking to receive funding and join Flat6Labs Tunis accelerator by July 2016 on its dedicated website www.flat6labstunis.com
Le15 is an integrated entrepreneurial initiative that will bridge the gap and acts as an anchor to the Tunisian startup ecosystem by combining a community and cultural space designed to spark inspiration; a startup accelerator; a venture capital fund; and a co-working space. Through this unique combination, Le15 will help catalyze the Tunisian ecosystem and enable a startup revolution in Tunisia.
About de Meninx Holding :
Meninx Holding is an investment company managing the investment portfolio of the family of Mr. Bechir Tamarziste. The vision to act as a long-term investor to provide services to Corporates.
The investment portfolio is articulated around three groups:
- Meninx Listed: Active shareholding in listed companies mainly within the financial sector
- Meninx Capital: Controling shareholder within companies operating accross various sectors including distribution, digital, Transport and Logistics as well as food & Beverage.
- Meninx Property: Diversified real estate portfolio management.
The Tunisian American Enterprise Fund, currently capitalized at 60 million dollars to reach 100 million dollars by end 2017, is born from President Barack Obama and the American congress initiative with the objective of contributing to enlarge employment economic possibilities in Tunisia, catalyzing the investments, promoting the private sector development and supporting inclusive economic growth (including women, youth and interior regions in Tunisia).
TAEF investment strategy targets the whole spectrum of enterprises, from micro businesses to large SMEs, the entire life cycle, from startup & early stage to growth and mature stage. It focus on a two pronged product approach from traditional businesses of the SME sector to the innovation based & knowledge driven industries and implements customized and innovative investment mechanisms, providing the fund with a unique and distinctive positioning in Tunisia.
The U.S. Agency for International Development administers the U.S. foreign assistance program providing economic and humanitarian assistance in more than 80 countries worldwide.
#This press release is made possible by the generous support of the American people through the United States Agency for International Development (USAID). The contents are the responsibility of the Tunisian American Enterprise Fund and do not necessarily reflect the views of USAID or the United States Government.
BIAT is the leading bank in Tunisia in major indicators with a market share of 17,4% among the 10 first banking institutions and 200 branches covering the whole territory.
Based on a universal banking model, BIAT provides a complete range of banking services as well as insurance and financial services. Its 2460 employees support individual customers, professionals, corporates and institutional investors.
Valuing its corporate social responsibility, BIAT has materialized this through many commitments. In 2014, the bank launched its foundation “ Fondation BIAT pour la jeunesse” which is another proof of its long term commitment.
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