Flat6Labs launches in Tunisia, to invest in 90 startups in 5 years

Flat6Labs, a leading startup accelerator in the MENA region, has announced its launch in Tunisia, where it is looking to support and invest in 90 Tunisian startups within the next five years.

Flat6Labs Tunis, as the accelerator is known, will support and invest in these startups through its accelerator program and a TND20 million (US$10 million) early stage fund.

The accelerator program and fund will target high-growth potential and innovative startups in the realms of the knowledge-based economy like ICT, digital content, gaming & mobile apps, education, healthcare, FinTech, media, big data & analytics, and IoT (Internet of Things).

Startups in the realms of connected devices, hardware & industrial solutions, renewable energy, green technologies, electronics, and several other high-growth sectors will also be supported and funded.

Flat6Labs, together with Le15 Startup Hub, will provide the selected startups guidance, support, training and high-quality mentorship, and direct seed fund of up to TND100,000 each (about US$50,000) in exchange for 10-15% equity.

“We are very excited about launching our newest location in the MENA region in a very special and a promising market like Tunisia,” said Ramez Mohamed, Flat6Labs CEO.

He added, “By bringing together the support and local knowledge of Meninx, TAEF and BIAT and the expansive network of Flat6Labs’ regional and global partners, we are confident that Flat6Labs Tunis will grant Tunisian entrepreneurs the scaling opportunities they aspire across the MENA region and beyond.”

In addition, Flat6Labs Tunis will offer follow-on and early stage investment tickets ranging from TND200,000 to TND600,000 (about US$100,000 – US$300,000) for the startup accelerator’s graduates and other emerging early stage startups in Tunisia.

Flat6Labs Tunis will be housed in Le15 Startup Hub in partnership with Meninx Holding and backed by the Tunisian American Enterprise Fund (TAEF) and Banque Internationale Arabe de Tunisie (BIAT).

“Future TAEF success depends upon the success of our investees and entrepreneurs but also of our partners.  Once again, TAEF is demonstrating an innovative and inclusive investment strategy with Flat6Labs Tunis accelerator program and seed & growth fund partnering with TAEF, Meninx Holding and BIAT,” said Bowman Cutter, Chairman of Tunisian American Enterprise Fund.

He added, “We are very happy and confident that this partnership will be fruitful for all parties but most of all for entrepreneurs who would like to think big and realize their dreams.” 

The first acceleration cycle and first round of investment will be in Fall 2016. Next month, Tunisian entrepreneurs will be invited to apply for the accelerator program.

Flat6Labs, since its foundation in 2011 to date, has invested in more than 90 startup companies across the MENA region through its three locations in Cairo, Jeddah and Abu Dhabi.

More than 50% of Flat6Labs startups have managed to attract follow-on funding from a multitude of investors around the globe.

Through Flat6Labs Tunis, Flat6Labs will continue its good works by supporting Tunisia’s entrepreneurial ecosystem and its highly ambitious youthful talent, and growing the country’s budding but fast-paced economy.

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