Flat6Labs is amongst the most active VCs in Africa, having invested in more than 100 startups to date across the Middle East and North Africa (MENA) region. And now, after 11 years, the Egypt-based seed-stage accelerator is setting out on a foray into East and West Africa through a $95 million Africa Seed Fund investment vehicle that will mark its first venture outside MENA.
“We’re embarking on a new phase for the organization by expanding into sub-Saharan Africa through Africa Seed Fund,” the firm’s CEO Ramez El-Serafy told TechCrunch, adding that the expansion will be gradual, with two-thirds of its allocations still going to enterprises in North Africa. Flat6Labs is eyeing an initial close before the year ends.
“We are adding Kenya and its neighboring markets in East Africa, and the Anglophone and francophone sides of West Africa, including Nigeria, Senegal, Côte d’Ivoire, Ghana and Cameroon,” said El-Serafy.
Flat6Labs, also a seed accelerator, has previously administered…
