Press Release
Flat6Labs Launches New US$95M Venture Capital Fund to Expand its Impact in Africa
Flat6Labs, MENA’s leading seed investor, has announced the launch of a new US$95 million Seed Fund to nurture the growth and development of early-stage tech startups on the African continent. Flat6Labs has a proven track record in carefully vetting out and investing in promising startups in North Africa since it was founded 12 years ago, with more than US$16M invested in startups, and over US$191M raised in follow-on funding while creating more than 2,500 direct jobs and 80,000 indirect jobs through its first two funds in Egypt and Tunisia.
Headquartered in Egypt, the Africa Seed Fund (ASF) will focus on three main investment territories in Africa: North Africa, West Africa, and East Africa. Flat6Labs will be extending its reach into several new territories including Nigeria, Ghana, Kenya, Morocco, and Senegal, amongst others. The ASF will be led by Ramez El-Serafy and Dina el-Shenoufy as General Partners for the fund. The fund will invest in more than 160 early-stage startups over the next five years that operate in the technology sector in Africa, with a focus on impactful sectors that accelerate digital inclusion through the use of information technologies and industries which contribute to addressing social and environmental challenges, such as HealthTech, FinTech, EdTech, GreenTech, AgriTech, ClimateTech, and other sectors.
The significant influx of capital from the ASF has the potential to create more than 14,000 jobs, provide support to more than 1,200 founders with 20% female participation, and generate revenue of more than US$700M.
Ramez El-Serafy, General Partner for ASF, says, “We are extremely excited about the launch of the Africa Seed Fund. Africa is one of the most exciting regions to invest in tech and innovation, with huge untapped potential and unique business opportunities. We will leverage our experience and knowledge to guide the startup founders to create truly scalable, investment-ready, Africa-based companies.”
The African tech ecosystem has continued to grow in 2022. According to Partech 2022 Africa Venture Capital Report, funding for the African sector increased to US$6.5B in 2022, up from US$6.0B in 2021. Clearly, the deep forces driving growth of the African tech ecosystem have prevailed against the global headwinds.
With the Africa Seed Fund, Flat6Labs will be investing in 160 companies that are in Pre-Seed up to Pre-Series A stage, with tickets ranging from US$150K-US$500K through the Flat6Labs’ Africa Seed Program and will also be providing seed tickets to seasoned founders independently of the program. ASF will also be able to reinvest into portfolio companies in follow-on rounds.
Flat6Labs’ Africa Seed Program provides portfolio companies joining the program with seed funding, regional business support, access to a regional network of seasoned local mentors, as well as regulatory and logistical support to set up and grow their businesses. The program also adapts to be regional with a hybrid model allowing for physical on-the-ground interactions in local markets while combining virtual elements that allow for cohort interactions across the entire fund region. Two cohorts will be run annually, with an average of 10 to 15 startups per cohort. The first investments in the selected startups are planned to be made before the end of 2023.
Dina el-Shenoufy, General Partner for ASF, says, “The Africa Seed Fund is well-positioned to be a catalyst for driving long-term positive change that the youth of Africa really deserve, and to providing resources to the brightest of them, while accelerating the future of the African continent. The program is designed to provide entrepreneurs with the resources that they need to be able to grow and to scale-up their businesses to new heights.”
“We have observed that the entrepreneurial market has matured over the years with a new wave of founders that are more experienced. We will also cater for these founders and offer higher ticket sizes to support these companies and a different track to the program” el-Shenoufy added.
The Africa Seed Fund (ASF) is being established by Flat6Labs, project (SAIS), with the support of the GIZ on behalf of the German Government and through the Egyptian Agricultural Innovation Project (AIP) and Scaling Digital Agricultural Innovations through Start-ups project (SAIS).
AWIEF 2022 Conference held in Cairo, Egypt (Image: Supplied)
The Africa Women Innovation and Entrepreneurship Forum (AWIEF) has announced the opening of registration for its annual conference and awards. This year is the 9th edition of the prestigious AWIEF event, and it will be held at the Kigali Convention Centre (KCC), Kigali, Rwanda, on 9 and 10 November 2023.
AWIEF has become Africa’s leading entrepreneurship, innovation and technology platform, bringing together more than 1,300 entrepreneurs and startups, industry experts, thought leaders, policy drivers, and change-makers from across Government, Corporate and Development sectors for impactful discussions and dialogue on new ideas, initiatives, strategies, and solutions to drive innovation, entrepreneurship, digitization, intra-Africa trade, investing, food security, climate action and sustainability and, ultimately, economic and social transformation in Africa.
Last year’s speakers included H. E. Dr. Monique Nsanzabaganwa, Deputy Chairperson, African Union Commission, H. E. Dr. Rania A. Al-Mashat, Egypt’s Minister of International Cooperation, Solomon Quaynor, Vice President, Private Sector, Infrastructure & Industrialization, African Development Bank (AfDB), Jackie Jones, Director, Gender Equality Division, Bill & Melinda Gates Foundation, and Izabela Milewska, Digital Skills Global Leader, Amazon Web Services (AWS).
Sponsors included Bill & Melinda Gates Foundation, AWS, Afreximbank, Sparkle, and Africa Europe Foundation. AWIEF 2023 will be a fully in-person event, coming back to its full glory since 2020 when COVID-19 pandemic forced the event to go virtual and hybrid.
AWIEF Founder and CEO, Irene Ochem, said: “We are excited to be bringing the 9th edition of our annual conference to East Africa for the first time and especially Kigali, one of the most exciting cities in Africa right now. We are looking forward to advancing our efforts in connecting the African and global entrepreneurship ecosystem in this significant hub for business, technology, and innovation.”
All AWIEF 2023 participants, attending the event from outside Rwanda, are eligible for a visa upon arrival without prior application. Citizens of African Union, Commonwealth and La Francophonie member countries can obtain free visas upon arrival for a visit of 30 days.
Press Release
Baron & Cabot launches a portal to support the expansion of local real estate agencies in Africa
Baron & Cabot Managing Director, Mark Pearson
Baron and Cabot, a UK-based international real estate firm has launched a game-changing concept, a UK property portal that is offering a strategic expansion plan for real estate agencies in Africa. The innovative approach, is a first of its kind using AI technology to predict property prices and will allow real estate agents in Africa to sell properties, and earn in pounds, providing an unprecedented opportunity for growth and financial success.
Through this portal, real estate firms will get to de-risk their investments in international markets and gain access to a wide range of fully compliant properties. Baron & Cabot, with a reputation for being one of the top fastest-growing property companies in the world and transacting on around £100 million GBP per annum ($120 m) of UK property while having access to some of the best property developments in the UK, has been particularly successful in Africa due to inflation driving clients to move their money into GBP and Dollar to purchase assets.
“We are thrilled to be launching this innovative concept that will not only provide a platform for real estate agents in Africa to sell UK properties but will also create job opportunities and drive economic growth. We believe that by leveraging AI technology to predict property prices, we can provide our partners with a unique advantage and help them to achieve financial success. Our joint venture expansion plans are aimed at creating mutually beneficial partnerships that will bring value to all parties involved.” – Mark Pearson, Managing Director of Baron & Cabot.
In addition to providing agents with access to new revenue streams, Baron and Cabot’s property portal is also expected to create new job opportunities in the African market. The company is committed to providing its agents with comprehensive 2 to 4 week training and support to help them succeed in their new roles. This training will ensure that agents are equipped with the skills and knowledge they need to navigate the real estate market and take advantage of the opportunities that Baron and Cabot’s concept provides. Real estate will have the ability to reserve properties and Baron and Cabot will process the client through legal processes.
As part of its offering, Baron and Cabot will provide clients with mortgages anywhere in the world (excluding war zones), with mortgage rates lower than 6% and deposits below 35%, making it easier for clients to invest in UK properties.
Mark Pearson, Managing Director of Baron & Cabot, said, “Our management company boasts an impressive occupancy rate of over 99%, with properties awaiting new tenants for an average of only 10 days. This sets us apart from other cities around the world, where the average occupancy rate is only 70%. In addition, our AirBnb or short-term rental products have an average occupancy rate of over 70%, resulting in substantial rental returns and a secure investment. Our secret to success lies in our ability to identify high-demand areas with low supply, combined with exceptional management that keeps both our tenants and landlords satisfied.”
Baron and Cabot utilizes advanced machine learning and data processing to analyze millions of lines of data to identify the best investment locations and pockets of value for clients. With access to information such as the square footage of every property in England and every sold price of every residential property in the UK since 1997, along with economic forecasts, government investment plans, and knowledge of upcoming transport links for the next 5 years, Baron and Cabot is ahead of the curve when it comes to investments. This allows investors to benefit not only from the firm’s purchasing power and large discounts, but also from massive rental growth and capital growth.
Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has appointed US automotive industry leader and veteran, Robert Granados to its board of directors to support its ongoing growth and expansion.
Robert has over two decades of global experience in leading and growing technology companies focused on providing solutions for the automotive industry value chain. He is currently CEO of CloudOne, a marketing company that helps auto dealers find and engage customers. He was Senior Vice President and General Manager at DealerTrack Technologies, where he led various units, including the finance and lender networks, inventory management and transportation, CRM, and independent dealer websites. Post the acquisition of DealerTrack Technologies by Cox Automotive Inc., the global leader in providing automotive solutions, he served as Senior Vice President, Strategy, at Cox Automotive, where he performed assessments of new growth opportunities, expansion of current business offerings, and effectiveness of current products and services.
He served as Operating Partner at SNH Capital Partners, where he was CEO of the Automotive Portfolio which comprised of National Credit Center, the leading provider of comprehensive data, software and marketing solutions to US dealerships and ProMax, the leading software provider to retail automotive dealers, offering award winning CRM, desking, website, credit, and lead generation solutions. He was also CEO of MAX Digital, a leading automotive inventory management and merchandising platform, supporting the company through a successful exit in 2021.
He will bring this vast experience to Autochek, supporting the integration of the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.
Autochek provides best in class technology and advisory solutions to car dealers, financial institutions and other stakeholders in Africa’s automotive ecosystem, supporting them to improve credit decisions, collections, pricing, portfolio management and product development, as well as deliver an enhanced customer experience.
Since launching in 2020, Autochek has driven the penetration of auto-financing across Africa, enabling more consumers and businesses across North, West, East and South Africa to access financing solutions to purchase their desired vehicles. In less than two years of operations, the company has worked with more than 70 financial institutions and more than 2,000 dealerships to process more than 80,000 car loan applications. Leveraging the vast reach of its online marketplace, the company originates auto loans powered by data analytics that makes it easier for financial institutions to offer credit to consumers.
Etop Ikpe, CEO of The Autochek Group, said, “We are excited to have someone of Robert’s calibre on our board with his vast experience from the most advanced automotive markets in the world. He has played a major role in building many successful automotive technology companies and we are looking forward to leveraging his experience to support our continued growth as a company.”
Robert Granados said, “There is a great opportunity to transform lives and livelihoods across Africa by making car ownership more accessible and affordable, and I am thrilled to be supporting Etop and the team to make this happen. Autochek has achieved so much success in a short period of time and I believe there is so much more to come.”
