Flat6Labs raises $7mln in 2nd close for Tunisia fund

ArabFinance: Flat6Labs, a regional seed and early-stage VC firm, announced the second close, and increase of its Tunisia-based Anava Seed Fund (ASF) to $10 million from $3 million, the company said in a statement.

The company aims at expanding its impact through world-class startup programs across the North African markets.

Sawari Ventures is the latest addition to the investors of the Anava Seed Fund, with an investment amount of $1.6 million. Other investors include the International Finance Corporation, the International Arab Bank of Tunisie, the Tunisian American Enterprise Fund and Meninx Holding.

The Anava Seed Fund was launched in 2017 in partnership with the Tunisian American Enterprise Fund, BIAT Bank and Meninx Holding, to invest in 75 Tunisian early startups in a five-year period.

The fund invested in over 50 startups in Tunisia between seed, follow-on and Pre-series A tickets, operating in 22 different sectors that vary between Fintech, Education, Agri-tech, Delivery Services, Retail -Tech, Health-tech, and Aeronautics.

Established in 2011, Flat6Labs manages a number of seed funds with a total AUM in excess of $85 million. More than 25 leading institutions have invested in the Flat6Labs managed funds.

The company provides a wide range of investment ticket sizes ranging from $50,000 to $500,000, supporting startups through their early journeys from Pre-Seed all the way to Pre-Series A stages.