Egypt-based seed-stage accelerator Flat6Labs is launching a $95 million Africa Seed Fund investment vehicle to support Sub-Saharan Africa startups in the fintech, healthtech, logistics, mobility, cleantech, agtech, retail and e-commerce sectors.
The fund will be sector agnostic and will invest between $150,000 and $400,000, as well as making follow-on investments of up to $500,000. The accelerator aims to invest in up to 170 startups over the next five years.
Flat6Labs has previously administered country-specific funds, including the $10 million Anava Seed Fund for Tunisian start-ups. It has been investing in startups in the Middle East and North Africa for 11 years and has so far invested in over 100 start-ups in the region.
With the launch of the Africa Seed Fund, Flat6Labs is expanding into East and West Africa, with the aim of admitting 10 to 15 start-ups every six months in its seed programme.
Flat6Labs CEO Ramez El-Serafy said the expansion would be gradual, with two-thirds of its allocations still going to enterprises in North Africa. The accelerator will focus on countries including Kenya, Nigeria, Senegal, Côte d’Ivoire, Ghana and Cameroon. The aim is to be part of the support that start-ups across Africa need, especially in the wake of a tough fundraising environment.