On The Occasion Of The Francotech Exhibition, BPI France, Sawari Ventures, And Flat6Labs Sign A Memorandum Of Understanding

During the FrancoTech exhibition held on October 3 and 4, 2024, at Station F in Paris, alongside the Francophonie Summit, Bpifrance, Sawari Ventures, and Flat6Labs announce the signing of a memorandum of understanding aimed at strengthening ties between Africa, Europe, and the Middle East to better support Francophone and African entrepreneurs in their development across the three continents.

The signing of the memorandum between Bpifrance, Sawari Ventures, and Flat6Labs took place within the framework of the FrancoTech exhibition for Francophonie and Innovation at Station F in Paris, alongside the Francophonie Summit. Innovation is one of Bpifrance’s strategic priorities, from supporting R&D to strengthening the capital of innovative companies. This memorandum highlights the importance of innovation for all parties and the strategic significance of Francophone Africa for Sawari Ventures, which opened a new office in Dakar, Senegal, this year, in addition to its offices in Casablanca and Cairo.

Launched in 2010, Sawari Ventures is a venture capital firm that invests in growth-stage African tech companies addressing regional and global challenges. Sawari Ventures has built a strong track record by investing in key industries such as deeptech, edtech, and fintech, and has been a pioneer in developing the local innovation ecosystem.

Flat6Labs is the most active seed and early-stage fund manager in the MENA region. Flat6Labs has offices in seven countries, with over 400 investments, nearly half of which are in Africa, and operates around thirty programs that support and create innovative companies. Sawari Ventures and Flat6Labs (the “Group”) are building a platform that spans a broad spectrum of financing, from seed stage to Series B+, helping bridge the gap between North Africa and Sub-Saharan Africa by supporting the expansion of companies in both regions.

Bpifrance and the Group aim to strengthen links between Africa, Europe, and the Middle East by facilitating market access and the development of innovative companies across the three continents. They also aspire to improve access to financing for innovative companies based in France looking to expand into Africa and for African companies conducting R&D or operations in France. Additionally, they seek to foster commercial and technological partnerships between European businesses and African innovation companies. Lastly, this partnership aims to accelerate co-investment opportunities between European and African venture capital firms.

The partnership’s objective is to identify qualified Francophone entrepreneurs through Bpifrance and qualified African entrepreneurs through the Group who wish to develop in the Europe/Africa/Middle East regions. The goal is to support their financing and the technological and commercial development of their companies, as well as to promote co-investment opportunities between European investors and Sawari Ventures, particularly in deeptech – a key sector where Sawari Ventures has been a pioneer in Egypt and has demonstrated a strong track record. To achieve this, the partners will collaborate with various departments within Bpifrance that support entrepreneurship and innovation financing in the region, as well as with the online platform EuroQuity, created by Bpifrance to facilitate connections between investors, companies, and their ecosystems at the European and international levels.

The EuroQuity digital platform connects growth companies supported by leading partners – such as the European Commission, development and innovation agencies, banks, and major groups – with investors and business partners on a global scale. It also offers complementary services to facilitate and strengthen these connections.

“Our partnership with Bpifrance reflects our shared commitment to strengthening ties between Africa, Europe, and the Middle East. We see more and more entrepreneurs from these regions, as well as from their diasporas, launching companies with Pan-African and regional ambitions but lacking access to the tools and networks needed to grow effectively. We aim to build a platform that can identify and support them in their expansion by leveraging key partnerships with institutions like Bpifrance,” said Hany Al-Sonbaty, Co-founder of Sawari Ventures and Flat6Labs.

Isabelle Bébéar, Director of International and European Affairs at Bpifrance, added: “It is essential to strengthen ties between European, African, and Middle Eastern ecosystems, particularly in terms of innovation and investment, to identify geographic development opportunities for companies in these regions. This is precisely the goal of the partnership between Bpifrance and Sawari Ventures and Flat6Labs.”