Flat6Labs has launched a new startup fund of $95 million.
The African Seed Fund (ASF) was created to help local technology startups in the initial period of existence. This fund will have its headquarters in Egypt. Financial resources will be provided mainly to startups from the countries of North, East, and West Africa.
ASF General Partner Ramez El-Serafi says that Africa is one of the most attractive regions in the world in terms of investing in technology and innovation. He also noted that there are untapped potential and unique business opportunities here, but did not specify which ones. Ramez El-Serafi said that the fund will help startups become companies that attract the attention of investors.
Over the next five years, ASF will invest in 160 startups that are in preparation for release in Series A. These firms specialize in healthcare technologies, fintech, EdTech, GreenTech, AgroTech, ClimateTech, and other areas that provide for the active introduction of digital technologies and contribute to solving social and environmental issues.
The Foundation will provide regional business support, and access to local mentors. Regulatory and logistical support will also be provided through the Flat6Lab Africa Seed Program (ASP).
ASF General Partner Dina el-Shenoufi says that the fund has every opportunity to become the basis for a deep transformation of the African technology sector.
The potential of Africa as a space for the development of advanced technologies is confirmed in the form of concrete actions of various investment companies. For example, in February, Startup Wise Guys raised about $27 million to support startups in markets that some call was forgotten, meaning Africa, Latin America, and Southern Europe.
Cristobal Alonso, CEO of Startup Wise Guys Global, stated that these markets have technical talent and the desire to compete with other countries in terms of developing innovative solutions, but due to limited access to financing and the lack of a full-fledged ecosystem, such plans remain unfulfilled.
As we have reported earlier, South African Mobility Fintech Planet42 Raises $100M for International Expansion.