The International Finance Corporation is considering making an equity investment into Flat6Labs proposed Tunisia -focused fund, Digestafrica reported quoted documents from 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.
According to the details from the disclosure, the investment is still pending signing and there will not 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.