Cairo-based venture capital company Flat6Labs has selected 24 companies for its StartMashreq Growth Track programme, aimed at boosting early stage start-ups in the Middle East and North Africa region.
The start-ups in Jordan, Lebanon and Iraq operate in diverse sectors including FinTech, HealthTech, e-commerce and AgriTech. They also included five start-ups cofounded by female entrepreneurs operating in the EdTech, EnergyTech and PropTech sectors.
The start-ups collectively generate a total annual recurring revenue of $20.8 million and have raised $38.5 million, Flat6Labs said in a statement on Wednesday. They have generated about 700 direct job opportunities across the three countries.
“We are confident that they [the start-ups] have what it takes to succeed in their markets,” said Ragia Amr, programme director of StartMashreq at Flat6Labs.
“Through our programme, we will offer them tailored support and guidance to help them overcome their challenges and achieve their goals. We look forward to working with them over the next six months and beyond.”
Started in June, the programme will run until December 2024. It is part of “StartMashreq's broader vision to inspire and support displaced entrepreneurs, empower female-led start-ups in the Mashreq region, create more investment-ready businesses and integrate the regional start-up ecosystem”, the statement added.
It will give the selected start-ups access to new markets, allow them to scale operations, provide more job opportunities and increase their impact on their respective economies.
Some of the activities of the programme include workshops and mentorships by international experts, business networking events, investor mixers and participation in international events and roadshows.
“Mashreq start-ups can demonstrate resilience and innovation in the face of challenging circumstances and prove their ability to create value for their stakeholders by venturing into new markets,” said Abeer Shalan, senior operations officer at International Financial Corporation that has partnered with Flat6Labs to support the selected start-ups.
“By providing them with funding and resources, we hope to help them reach their full potential and contribute to the development of the regional start-up ecosystem.”
Since its launch in 2011, Flat6Labs has been a key player in building and reshaping the entrepreneurial scene in the region. It manages a number of seed funds with a total assets under management in excess of $95 million.
In February, Flat6Labs announced the first close of the Start-up Seed Fund in Saudi Arabia, which is aimed at supporting entrepreneurs in the kingdom. The 75 million Saudi riyal ($20 million) fund was created to invest in early stage start-ups operating in the technology and innovation sectors in the kingdom.
Selected start-ups
Lebanon:
- Compost Baladi
- Ecomz
- KamKalima
- Moodfit
- Presentail
- Purpl
- Shelvz
Iraq:
- Kesk
- Lezzoo
- Midient/Padash
- Orderii
- Toolmart
Jordan
- Algebra Intelligence
- Arab Therapy
- Dinarak
- Hello World Kids
- InvoiceO
- Jordilight
- Konn Technologies
- Little Thinking Minds
- Nestrom
- Palmear
- Repzo
- Shop4Me
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Mental%20health%20support%20in%20the%20UAE
%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EShaffra%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%20Innovation%20Hub%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Emetaverse-as-a-Service%20(MaaS)%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3Ecurrently%20closing%20%241.5%20million%20seed%20round%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%20Abu%20Dhabi%20and%20different%20PCs%20and%20angel%20investors%20from%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3Enine%3C%2Fp%3E%0A
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
More from UAE Human Development Report:
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
BMW%20M4%20Competition
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20eight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20from%20Dh617%2C600%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%0D%3C%2Fp%3E%0A
