March 2023 - Flat6Labs

ACCELERATING THE FUTURE

​​Flat6Labs Launches New US$95M Venture Capital Fund to Expand its Impact in Africa

Cairo, Egypt – 14th, March 2023: Flat6Labs, MENA’s leading seed investor, has announced the launch of a new US$95 million Seed Fund to nurture the growth and development of early-stage tech startups on the African continent. Flat6Labs has a proven track record in carefully vetting out and investing in promising startups in North Africa since it was founded 12 years ago, with more than US$16M invested in startups, and over US$191M raised in follow-on funding while creating more than 2,500 direct jobs and 80,000 indirect jobs through its first two funds in Egypt and Tunisia.

Headquartered in Egypt, the Africa Seed Fund (ASF) will focus on three main investment territories in Africa: North Africa, West Africa, and East Africa. Flat6Labs will be extending its reach into several new territories including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others. The ASF will be led by Ramez El-Serafy and Dina el-Shenoufy as General Partners for the fund. The fund will invest in more than 160 early-stage startups over the next five years that operate in the technology sector in Africa, with a focus on impactful sectors that accelerate digital inclusion through the use of information technologies and industries which contribute to addressing social and environmental challenges, such as HealthTech, FinTech, EdTech, GreenTech, AgriTech, ClimateTech, and other sectors.The significant influx of capital from the ASF has the potential to create more than 14,000 jobs, provide support to more than 1,200 founders with 20% female participation, and generate revenue of more than US$700M.


Ramez El-Serafy, General Partner for ASF, says, “We are extremely excited about the launch of the Africa Seed Fund. Africa is one of the most exciting regions to invest in tech and innovation, with huge untapped potential and unique business opportunities. We will leverage our experience and knowledge to guide the startup founders to create truly scalable, investment-ready, Africa-based companies.”
The African tech ecosystem has continued to grow in 2022. According to Partech 2022 Africa Venture Capital Report, funding for the African sector increased to US$6.5B in 2022, up from US$6.0B in 2021. Clearly, the deep forces driving growth of the African tech ecosystem have prevailed against the global headwinds.

With the Africa Seed Fund, Flat6Labs will be investing in 160 companies that are in Pre-Seed up to Pre-Series A stage, with tickets ranging from US$150K-US$500K through the Flat6Labs’ Africa Seed Program and will also be providing seed tickets to seasoned founders independently of the program. ASF will also be able to reinvest into portfolio companies in follow-on rounds.
Flat6Labs’ Africa Seed Program provides portfolio companies joining the program with seed funding, regional business support, access to a regional network of seasoned local mentors, as well as regulatory and logistical support to set up and grow their businesses. The program also adapts to be regional with a hybrid model allowing for physical on-the-ground interactions in local markets while combining virtual elements that allow for cohort interactions across the entire fund region. Two cohorts will be run annually, with an average of 10 to 15 startups per cohort. The first investments in the selected startups are planned to be made before the end of 2023.

Dina el-Shenoufy, General Partner for ASF, says, “The Africa Seed Fund is well-positioned to be a catalyst for driving long-term positive change that the youth of Africa really deserve, and to providing resources to the brightest of them, while accelerating the future of the African continent. The program is designed to provide entrepreneurs with the resources that they need to be able to grow and to scale-up their businesses to new heights.”
“We have observed that the entrepreneurial market has matured over the years with a new wave of founders that are more experienced. We will also cater for these founders and offer higher ticket sizes to support these companies and a different track to the program” el-Shenoufy added.

The Africa Seed Fund (ASF) is being established by Flat6Labs, project (SAIS), with the support of the GIZ on behalf of the German Government, and through the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Start-ups project (SAIS).

Flat6Labs Holds Third Demo Day in Amman

(Amman, Jordan – March 11, 2023) — Venture capital firm Flat6Labs recently held its third demo day on March 7, at the Four Seasons Amman, bringing together a wide array of mentors, investors, and entrepreneurs. The special event celebrated the seven startups’ successful completion of the Amman Seed Program. And it was an opportunity for these new companies to showcase their achievements and receive recognition for the hard work they demonstrated over the past several months.
The seven startups presented their innovative products and solutions during the event. Companies based on AdTech, FinTech, FashionTech, AutoTech, FoodTech, HealthTech, and LogTech. Cayyesh, InvoiceQ, Makesy, Markabte, Kitchmarket, Sawaaid, and Olivery showcased their cutting-edge services that cover a wide array of sectors mentioned above, paving the way for them to succeed in the digital age.
Commenting on the occasion, the General Manager of Flat6Labs, Rasha Manna, stated, “We are proud to witness the progress of the third cohort during the program. Demo day represents the culmination of the efforts they have put in during the program. Our support does not end here, we continue to work closely with our portfolio companies as they scale up. We are proud to be part of their journey, and we constantly seek talented entrepreneurs from the local community.”
The current cohort is the third cycle of the company’s Seed Program. Participants in the program are able to gain insight and benefit from the expertise and guidance of top-notch professionals in their respective fields. The program has also enabled these startups to grow exponentially in terms of their business goals, execution plans, and overall success.
During the four months period, the seven startups gained the opportunity to develop their business and elevate it to new heights. In addition, the program opened the door for them to gain customers, develop their products, expand their reach in the market, leverage the tools they are handed, and create a strategic plan. With the program’s resources, these startups are poised to lead successful businesses and accelerate their growth.

Flat6Labs Launches ‘StartMashreq’ Initiative to Support Entrepreneurs across the Levant Region

StartMashreq seeks to support innovative entrepreneurs in Jordan, Lebanon, and Iraq, with a focus on empowering women, refugees, minorities, and displaced persons.

– The program will work to build a diverse digital community of entrepreneurial pioneers, while promoting socioeconomic development, prosperity, and sustainability through innovation and inclusion.

StartMashreq will provide comprehensive business incubation and support to entrepreneurs, including enhancing access to investment opportunities and helping build local and regional partnerships.

Amman, Jordan – March 06, 2023 — Flat6Labs, the MENA region’s leading seed investor, has officially announced the launch of its StartMashreq entrepreneurship program. The regional program is being implemented over a two-year period in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, and the government of the Netherlands. As the first program of its kind, StartMashreq will offer comprehensive support to entrepreneurs across a broad segment of society throughout the Levant region. Targeting underserved demographics in Jordan, Lebanon, and Iraq—including women, refugees, minorities, and internally displaced persons—StartMashreq is open to entrepreneurs between the ages of 18 and 45 who are seeking to develop their innovative ideas and projects.

The program seeks to provide wide-reaching opportunities, capabilities, and support to beneficiaries. StartMashreq will focus heavily on entrepreneurs working in education, fintech, financial inclusion, healthcare technology, agriculture, environment, and information and communication technology. By prioritizing the success, growth, and sustainability of projects in these fields, the program aims to diversify economic opportunities in the targeted countries and contribute to their overall socioeconomic development.

The program will work along three main tracks—StartMashreq Academy, the Growth Support Program, and the Incubation Program—ultimately forming a strong, well-rounded base of support for creative entrepreneurs.
Through StartMashreq Academy, individuals who aspire to sharpen their personal and professional skills will be able to benefit from a wide range of resources, on www.startmashreq.com. The platform includes tools like data and infographics; digital and interactive sessions, seminars, and talks led by experienced business leaders; pre-recorded training courses across a variety of specialized topics; and blog posts and articles written by experts from across the region.

During the StartMashreq Incubation program, which will be carried out across four cycles, participants will receive the training and resources they need to develop a comprehensive business plan and growth strategy. Trainers and mentors will be available to guide participants through interactive, one-on-one sessions, while group sessions will allow these entrepreneurs to share their experiences and exchange expertise.

For more mature startups, StartMashreq’s Growth Support Program will help participants pursue advanced opportunities for growth. The program will provide a total of 20 startups throughout the region with access to a series of workshops and meetings tailored to address their unique challenges and needs. These participants will gain access to international networking channels and events, where they will be able to meet potential partners, customers, and investors. Most importantly, participants will receive local and international legal support at no cost.

“Entrepreneurs can be game changers when it comes to job creation and economic growth in the Levant region. However, underserved groups, like women, young people, and the forcibly displaced, struggle to access the support they need to start a business. I am proud that IFC is partnering with Flat6Labs to launch the StartMashreq program to help startups get critical training, mentorship, and funding,” said Khawaja Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan, and Afghanistan.

Commenting on the launch of the program, Yehia Houry, Flat6Labs Chief Programs Officer, said, “The Arab world, and the Levant region in particular, has always been full of promising young people with big ambitions. Unfortunately, many of the youth in our region lack access to the tools, resources, and opportunities they need to succeed. At Flat6Labs, we believe in the importance of providing a complete system of support for all segments of society and all stages of the entrepreneurial process, which is why we are proud to launch the StartMashreq program, which complements our existing investment programs in Jordan and Lebanon. Through this initiative, we hope to inspire an entrepreneurial movement and provide the tools and resources necessary to nurture that movement.”

The StartMashreq platform will be open to all interested candidates across Jordan, Lebanon, and Iraq to access free educational content and tools, helping them enrich their expertise. To apply for the Incubation and Growth Support programs, interested individuals and entrepreneurs should create an account on the StartMashreq website and complete the registration form. The support from the IFC and the government of the Netherlands for StartMashreq falls under the PROSPECTS Partnership. PROSPECTS is a global partnership that aims to improve the access of host communities and forcibly displaced people to education, social protection, and decent work. The partnership is spearheaded by the Government of the Netherlands, and it brings together IFC, the International Labour Organization (ILO), the UN Refugee Agency (UNHCR), the UN Children’s Fund (UNICEF), and the World Bank.