Egypt's Flat6Labs selects 24 start-ups for StartMashreq Growth Track programme

Companies come from diverse sectors including FinTech, e-commerce and HealthTech

The Lebanese capital Beirut. Flat6Labs has selected seven start-ups from Lebanon for its new programme. AFP

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