The International Finance Corporation is considering making an equity investment into Flat6Labs proposed Tunisia -focused fund. This is according to the documents we came across from the IFC.
Flat6Labs Tunis is fundraising TND 30 million (~$10 million), part of which will come from the IFC. "The proposed IFC equity commitment is up to $1 million, not to exceed 20% of total commitments," it reads.
IFC's investment will go into the Flat6Labs proposed fund, Anava Seed Fund. A startup accelerator and early-stage venture capital fund set up by Flat6Labs Tunis.
Flat6Labs Tunis launched in March 2017. It is a partnership between Flat6Labs for Incubators (“Flat6Labs”), Le15, and Meninx Holding. The aim is to stimulate and support the startup ecosystem in Tunisia and North Africa.
"This investment will fall under the IFC Startup Catalyst initiative".
Flat6Labs Tunisia manages the fund. While shareholders of Flat6Labs Tunisia include Flat6Labs, Meninx Holding, the Tunisian American Enterprise Fund, Banque Internationale Arabe de Tunisie, and the Le15 founders.
This is not the first time Flat6Labs is seeking investment from the IFC. In December 2016, they announced that the IFC had invested in Flat6Labs Cairo.
"IFC will provide up to $2 million in equity financing to Flat6Labs Cairo," Flat6Labs wrote then. Adding that it would "invest in about 100 Egyptian tech startups and support more than 300 entrepreneurs over the next five years".
For the Tunisia fund, Flat6Labs Tunis is looking at investing in around 90 startups. " Flat6Labs Tunis is incorporated as a “fond d’amorcage” (a seed fund) based in Tunis. It will invest in startup companies in Tunisia," wrote IFC.
According to the details from the disclosure, the investment is still pending signing. And, there won't be any announcement or the investment itself made until January 10, 2019. The date when the board will sit to decide.
Flat6Labs is among the most prominent funds and accelerators across the MENA region. Among their notable investments and alumni include; Instabug. The
In October this year, we reported that the IFC was considering making a $3 million investment into Nigeria's Kobo360. They proceeded to make the investment alongside TLcom Capital Partners. Bringing the total amount invested to $6 million for the startups' seed round.