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
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
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HUDDERSFIELD 2018-19
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ASTON VILLA 2015-16
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LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
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Platforms: PlayStation 5, Xbox Series X/S, PC
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Capernaum (Lebanon)
Cold War (Poland)
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Roma (Mexico)
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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