Flat6Labs, a regional seed and early-stage venture capital firm , has closed its $10 million seed fund for Tunisian startups, according to a statement released by the firm.

The seed fund, called Anava Seed Fund (ASF), initially wanted to raise $3 million but ended up raising 3.3 times that amount. The fund is a reflection of the growing interest in early-stage African startups, primarily in North Africa.

Flat6Labs’ Egypt-based fund, the Flat6Labs Accelerator Company fund (FAC), closed at $13 million in May.

Flat6Labs was founded in 2011 with offices in Egypt and Tunisia, and in 2017 it launched its Cairo program and the ASF. The Tunisian American Enterprise Fund, BIAT Bank, and Meninx Holding collaborated on the latter. Within five years, the goal was to invest in up to 90 Tunisian early-stage startups.

The Anava Seed Fund has invested in over 50 startups at various phases of development, including seed, follow-on, and pre-Series A.

The completion of the ASF fund, according to Flat6Labs CEO Ramez El-Serafy, is a step in the right direction for North African markets to realize their untapped potential and business opportunities.

“I’m happy to see that more and more investors are sharing our enthusiasm towards this rapidly growing market by increasing their commitments in both FAC Egypt Fund and Anava Seed Fund,” he said. “We look forward to expanding our impact even further in North Africa with the support of our investors and partners.” 

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