This archive report was first published on 1 October 2019.
On October 1, 2019, the International Finance Corporation (IFC), a member of the World Bank Group, announced a $1 million investment in Anava Seed Fund (ASF), an accelerator and early-stage fund managed by Flat6Labs Tunisia.
The investment aims to boost tech entrepreneurship and women entrepreneurs in Tunisia, as well as the country's nascent venture capital ecosystem.
Half of the $1 million investment comes from the Women Entrepreneurs Finance Initiative (We-Fi), which supports women entrepreneurs in developing countries by building their capacity, scaling up access to financial products and services, and providing links with domestic and global markets.
Flat6Labs Tunisia, a partnership between Flat6Labs, BIAT, TAEF, Meninx Holding, and Le15, is increasing its seed fund size to $10 million to support up to 100 technology companies and address the lack of early-stage capital in Tunisia.
According to Ramez El-Serafy, CEO at Flat6Labs, the partnership with IFC will enable the company to provide entrepreneurs with a better support program and encourage more candidates, especially women, to apply and thrive.
As part of the We-Fi program, IFC will work with Flat6Labs Tunisia to support women entrepreneurs and help them overcome challenges through a gender-led strategy to foster greater inclusion and create more opportunities.
Georges Joseph Ghorra, IFC's Resident Representative in Tunisia, stated, “Early stage funding is vital to building a robust startup ecosystem and to help entrepreneurs establish companies that can develop innovative solutions and create quality jobs.”
The investment in Flat6Labs Tunisia is part of IFC's $30 million Startup Catalyst initiative, which backs accelerators and seed funds in emerging markets to catalyze the venture capital ecosystem and spur entrepreneurial activity.
