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
Honeymoonish
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The%20Sandman
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Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
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Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
COMPANY%20PROFILE
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MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
GOLF’S RAHMBO
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Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
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
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Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
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- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
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SPEC%20SHEET
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors