The recent investment round included $1.6 million from Egyptian startup investor, Sawari Ventures.
Flat6Labs, a regional seed and early stage VC firm, has closed the second round of its Tunisia-based Anava Seed Fund (ASF), announcing an increase of USD $3 million to $10 million in funding for world-class startup programmes across multiple North African Markets.
The Anava Seed Fund was launched in 2017 in partnership with the Tunisian American Enterprise Fund, BIAT Bank and Meninx Holding to provide investment for 75 Tunisian early-startups in a five-year period.
The latest addition to the group of investors to the Anava Seed Fund is Sawari Ventures, who pledged an investment amount of $1.6 million. Managing Partner Wael Amin stated, “We are very proud of our investment in the Anava Seed Fund as we have closely followed their progress and are more than convinced that Tunisia has talented entrepreneurs working on promising start-ups”.
Meanwhile, Ramez El-Serafy, CEO at Flat6Labs said “We’re very excited about our latest second close for the Tunisia-based Anava Seed Fund, we believe that the North African markets hold untapped potential and unique business opportunities, and I’m happy to see that more and more investors are sharing our enthusiasm towards this rapidly growing market”. He added, “We look forward to expanding our impact even further in North Africa with the support of our investors and partners.”
Flat6Labs has trained more than 440 entrepreneurs and invested in 130 startups with a total amount of $10.5 million through its Cairo and Tunis Seed funds. In May 2021, a further $13 million was raised in a second close of Egypt-based Flat6Labs Accelerator Company fund to support Egyptian early-stage startups.