41699 - ISC-Flat6Labs Tunis

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Summary of Investment Information

Project Number

41699

Company Name

ANAVA SEED FUND

Date SPI Disclosed

Nov 21, 2018

Country

Tunisia

Region

Africa

Projected Board Date

Jan 10, 2019

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Feb 22, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 29, 2017
Signed : Dec 20, 2019
Invested : Jan 29, 2020

Sector

Other Non-Private Equity Fund

Additional Project Attributes

Blended Finance

Project Description

Anava Seed Fund (“Flat6Labs Tunis” or the “Fund”) is a startup accelerator and early stage venture capital fund raising TND 30 million to invest in around 90 early stage companies in Tunisia. This investment will fall under the IFC Startup Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	30.0

Development Impact

(i) Address Funding Gap: Flat6Labs Tunis will support approximately 90 early stage companies, helping to fill the void of early stage capital. More broadly, by investing in incubators/accelerators and early stage funds via the IFC Startup Catalyst program, IFC aims to help build and support local, sustainable ecosystems for entrepreneurship and venture capital.

(ii) Catalyze and Support the VC Ecosystem: Through its bootcamp, acceleration cycles, early stage investments, and various outreach events, Flat6Labs Tunis will help to accelerate the development of the nascent VC ecosystem in Tunisia.

(iii) Increased Inclusion of Women: IFC’s investment will include funding from the Women Entrepreneurs Finance Initiative (“We-Fi”) aimed at expanding the inclusion of women entrepreneurs into the VC ecosystem through two distinct channels: capacity building and demonstration effect.

(iv) Job Creation and Economic Growth: Since its inception, the Flat6Labs platform has generated more than 1,000 jobs across the MENA region. Similarly, the Fund’s graduates are expected to create high-skilled jobs to match the highly educated workforce in Tunisia and spur economic growth.

E&S Category Rationale / Risks and Mitigation

The proposed Project entails an IFC equity investment in Flat6Labs Tunis, a startup accelerator and early stage fund based in Tunis to support 90 tech-driven startups in Tunisia. The Project has been categorized as FI-3 in accordance with IFC Sustainability Policy. The prospective companies to be supported by Flat6Labs are expected to have no or low E&S risks and negative impacts. The Project will be required to comply with IFC Exclusion List and host country E&S laws and regulations, which will be managed through a simple environmental and social procedure to be implemented by Flat6Labs Tunis

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2023.

Investee	Country Of Investment	Sector
Flat6Labs Tunis Portfolio Companis	Tunisia	P-BB - Venture Capital Fund

Contacts

For Inquiries About the Project, Contact

Flat6Labs Tunisia
Dina el-Shenoufy
Deputy General Manager
+216 53 689 632
tunis@flat6labs.com
2nd FloorTunis, Tunisia 1000
http://www.flat6labstunis.com/

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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