Middle East and North Africa (MENA)-focused accelerator and fund Flat6Labs has expanded to Tunisia in partnership with new startup hub Le15, backing local startups with investment of up to TND600,000 (US$280,000).
Flat6Labs, which already has operations in Cairo, Jeddah and Abu Dhabi, and will soon expand to Beirut, has partnered Le15, to roll out Flat6Labs Tunis, which will open applications in July for a first programme later this year.
The startup seed programme and an early-stage fund aims to help accelerate the growth of Tunisian startups and provide a steady pipeline to the rapidly growing Tunisian venture capital industry.
“Through its expansive and wide-reaching network and numerous partnerships, Flat6Labs Tunis will also provide Tunisian entrepreneurs with seed funding, strategic mentorship, office space, a multitude of perks and services from partners, and entrepreneurship-focused business training and development workshops, all engineered to prepare companies to be investment-ready within four months,” Flat6Labs said.
The accelerator will support more than 75 Tunisian startups over the next five years, with two cohorts each year. Flat6Labs will invest between TND80,000 (US$38,000) and TND100,000 (US$47,000) in startups accepted into programmes in return for equity of between 10 per cent and 15 percent.
It will also offer follow-on and early -stage investment tickets ranging from TND200,000 (US$94,000) to TND600,000 (US$280,000).
“Flat6Labs Tunis is poised to create the next wave of entrepreneurs developing innovative solutions and applications, becoming a one-of-a-kind localised programme harnessing and scaling innovation; effectively and swiftly contributing to the Tunisian ecosystem growth,” the company said.
“The programme welcomes ideas and startups working in innovation based and knowledge driven industries, including but not limited to; education, energy, transport, financial services, information and communications technology (ICT), electronics, manufacturing solutions, green technologies.”