International Financial Corporation (IFC) could soon invest $1 million in Flat6Labs Tunis. The information was revealed by new documents recently uploaded on the IFC portal. Per the documents, the $1 million investment will be a part of Tunis’ forthcoming $10 million funds.
“The proposed IFC equity commitment is up to $1 million, not to exceed 20% of total commitments. Flat6Labs Tunis is targeting total commitments of TND 30 million,” reads one of the documents.
Launched in 2016 by a collaboration of Flat6Labs, Meninx Holding, and Le15, Flat6Labs Tunis is a seed stage fund and accelerator that delivered its first batch of graduates last year in February. The first batch of startup to have graduated the program received $45,000 each in investment.
Anava Seed Fund, the forthcoming $10 million fund, will help 90 early-stage startups across Tunisia reach the next stage of growth.
In case you’re wondering, Anava Seed Fund (“Flat6Labs Tunis” or the “Fund”) is a startup accelerator and early-stage venture capital fundraising TND 30 million with the aim of investing in around 90 early stage companies in Tunisia. According to the documents, the investment will fall under the IFC Startup Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.
IFC, which is a World Bank Group member, is on a mission to add to the ongoing efforts to make Africa and the Middle East a hotbed for technological and entrepreneurial success. The partnership with Flat6Labs Tunis is just an extension of those efforts.
IFC is also optimistic that these ongoing efforts will encourage more women entrepreneurs to step forward and be more active in the startup arena on a global scale.
