Flat6Labs, a regional seed and early-stage VC firm, has announced the second close of its Tunisia-based Anava Seed Fund (ASF), taking the total size of the fund up to US$10 million from US$3 million.
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.
During the last four years, the fund has invested in over 50 startups across 22 different sectors, and it is now planning further investments after its second close. The latest addition to the fund is Sawari Ventures, which has made a US$1.6 million investment.
“We are very proud of our investment in the Anava Seed Fund as we have closely followed their progress and are more than convinced that Tunisia has talented entrepreneurs working on promising startups,” said Wael Amin, managing partner at Sawari Ventures.
The expansion of the Tunisian fund follows the recent second close of Egypt-based Flat6Labs Accelerator Company Fund (FAC) at US$13 million. Ramez El-Serafy, chief executive officer (CEO) at Flat6Labs, said the company believed the North African markets held untapped potential and unique 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 the FAC Egypt Fund and Anava Seed Fund. We look forward to expanding our impact even further in North Africa with the support of our investors and partners,” he said.