Egyptian venture fund raises Sh12bn for Africa tech deals
Nairobi, March 16 -- Egypt-based venture capital firm Flat6Labs has announced a new Sh12.3 billion ($95 million) fund to invest in early-stage tech start-ups in Kenya and other African countries.
The Africa Seed Fund (ASF) which has been focused on the Middle East and North Africa (MENA) region said it will be extending its reach into several new territories, including Nigeria, Ghana, Kenya, Morocco, and Senegal.
It will invest with tickets ranging from Sh19.4 million to Sh64.8 million ($150,000-$500,000) and will also be providing funding to seasoned founders away from the programme.
This comes after early-stage investors increased their investment in East Africa last year, more than the traditional private equity deals.
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