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Tuesday, 28 September 2021

Flat6Labs raised USD 7 mn in second close for Tunisia fund

Flat6Labs announced the second close for its Tunisia-based Anava Seed Fund, during which it raised USD 7 mn, pushing the fund’s total commitments to USD 10 mn, the company announced (pdf). The fund aims to invest in 75 Tunisian early-startups in a five-year period.

The fund was launched in 2017 in partnership with the Tunisian American Enterprise Fund, BIAT Bank and Meninx Holding. Since its launch, the fund invested in over 50 startups in Tunisia operating in 22 sectors between fintech, education, delivery services and aeronautics, which have created over 500 jobs.

Anava Seed Fund investors: Sawari Ventures is the most recent investor with an investment of USD 1.6 mn. Other investors include the International Finance Corporation, the International Arab Bank of Tunisie, the Tunisian American Enterprise Fund and Meninx Holding.

Startups funded by the Anava Seed Fund include: MooMe, an IoT system and platform designed to help farmers, Fabskill, a cloud solution to digitize and automate the recruitment process using Artificial Intelligence and Optimalogistic, a marketplace connecting truck drivers and transportation companies with customers.

Flat6Labs in Egypt: Back in May, Cairo-headquartered Flat6 completed the second close of its Egypt-focused Flat6Labs Accelerator Company (FAC), raising the fund size to EGP 207 mn from EGP 50 mn. FAC in turn raised its seed offering for its Cairo Seed Program to up to EGP 1.5 mn, while post-program follow-on funding will now be raised to EGP 3 mn for selected startups.

ALSO FROM PLANET STARTUP-

Dubai-based workspace firm Hotdesk raised USD 1 mn in a seed funding round and will launch in Egypt, UAE and Spain, according to a press release (pdf). The round was led by UAE-based company Virtuzone, and featured participation from the VC arm of real estate group AlZayani Investments, Zayani Venture Capital (ZVC), as well as several angel investors including Swvl CFO Youssef Salem. The statement provided no details on how the company would use the funding or about its planned launch in Egypt.

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