ISC-Flat6Labs Tunis (IFC-41699)

Countries
  • Tunisia
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 10, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ANAVA SEED FUND
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 14, 2019

Disclosed by Bank Nov 21, 2018


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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.

According to bank documents, the following are the expected development impacts of the fundung:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Anava Seed Fund was launched in March 2017 and is a partnership between Flat6Labs for Incubators (“Flat6Labs”), Le15, and Meninx Holding with the aim of stimulating and supporting the startup ecosystem in Tunisia and North Africa. The Fund is managed by Flat6Labs Tunisia. The shareholders of Flat6Labs Tunisia include Flat6Labs, Meninx Holding, the Tunisian American Enterprise Fund, Banque Internationale Arabe de Tunisie, and the Le15 founders.

People Affected By This Project

(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.

Investment Description
  • International Finance Corporation (IFC)

 The proposed IFC equity commitment is up to $1 million, not to exceed 20% of total commitments. Flat6Labs Tunis is targeting total commitments of TND 30 million. 

Private Actors
Contact Information

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

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/