Flat6Labs, an Egyptian-based investor has unveiled Sh12.33 billion funds targeting Kenyan and African startups.
The Africa Seed Fund (ASF) is extending its reach to Nigeria, Ghana, Kenya, Morocco, and Senegal, among others, to nurture the growth and development of early-stage tech startups in in North Africa, West Africa, and East Africa.
The ASF will be led by Ramez El-Serafy and Dina el-Shenoufy as General Partners for the fund.
It will invest in more than 160 early-stage startups over the next five years in the HealthTech, FinTech, EdTech, GreenTech, AgriTech, ClimateTech, and other sectors.
“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,” ASF General Partner Ramez El-Serafy said.
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“We will leverage our experience and knowledge to guide the startup founders to create truly scalable, investment-ready, Africa-based companies.”
Through these investments more than 14,000 jobs will be created.
“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,” ASF General Partner Dina el-Shenoufy said.
The ASF is supported by 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).