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Flat6Labs selects 24 startups for StartMashreq Growth Track programme

Daily News Egypt
Daily News Egypt
5 Min Read
Flat6Labs selects 24 startups for StartMashreq Growth Track programme

Flat6Labs, the leading seed and early-stage venture capital firm in the MENA region, has announced the selection of 24 startups for its StartMashreq Growth Track programme. The programme, which is supported by the International Financial Corporation (IFC), aims to help startups from Jordan, Lebanon and Iraq scale their businesses and access new markets.

The selected startups operate in various sectors, such as fintech, healthtech, e-commerce and agritech. Five of them are co-founded by female entrepreneurs, working in edtech, energy tech and proptech. The startups collectively generate an annual recurring revenue of $20.8m and have raised a total of $38.5m. They also create around 700 direct jobs across the three countries.

“We are delighted to partner with Flat6Labs to support these promising startups from the Mashreq region, especially those founded by women,” said Abeer Shalan, Senior Operations Officer at IFC. “Mashreq startups 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. By providing them with funding and resources, we hope to help them reach their full potential and contribute to the development of the regional startup ecosystem.”

Ragia Amr, Programme Director of StartMashreq at Flat6Labs, said: “We are very excited to welcome the 24 startups to our Growth Track programme. We have been impressed by the quality and diversity of the applications we received and we are confident that they have what it takes to succeed in their markets. 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.”

The StartMashreq Growth Track programme started in June 2023 and will run until December 2024. The programme is part of StartMashreq’s broader vision to inspire and support displaced entrepreneurs, empower female-led startups in the Mashreq region, create more investment-ready businesses and integrate the regional startup ecosystem. The programme will include workshops and mentorship by international experts, business networking events, investor mixers and participation in international events and roadshows.

The 24 startups that joined the StartMashreq Growth Track programme are:

Lebanon

  • Compost Baladi: A social enterprise that provides waste management solutions.
  • Ecomz: An e-commerce platform that enables merchants to create online stores.
  • KamKalima: An edtech platform that helps Arabic teachers and students.
  • Moodfit: An online interior design service that connects clients with designers.
  • Presentail: An online gift delivery service that connects expats with local shops.
  • Purpl: A proptech platform that simplifies property management.
  • Shelvz: A retail intelligence platform that helps brands optimize their shelf presence.

Iraq

  • KESK: A fintech platform that provides digital banking services.
  • Lezzoo: A super app that offers delivery, e-commerce and payment services.
  • Midient/Padash: A cloud kitchen platform that enables food entrepreneurs to launch online brands.
  • Orderii: An online marketplace that connects customers with local service providers.
  • Toolmart: An e-commerce platform that sells tools and hardware products.

Jordan

  • Algebra Intelligence: A healthtech platform that provides AI-powered medical diagnosis.
  • Arab Therapy: An online platform that connects users with licensed therapists.
  • Dinarak: A fintech platform that offers mobile wallet and payment services.
  • Hello World Kids: An edtech platform that teaches coding to children.
  • InvoiceQ: A fintech platform that provides invoice financing solutions.
  • Jordilight: An energy tech company that produces solar-powered street lights.
  • Konn Technologies: A fintech company that offers blockchain-based solutions.
  • Little Thinking Minds: An edtech company that creates digital learning products for children.
  • Nestrom: An agritech company that provides farm management software.
  • Palmear: An e-commerce platform that sells handmade products from local artisans.
  • Repzo: A mobile CRM platform that helps sales teams manage their activities.
  • Shop4Me: An e-commerce platform that delivers groceries and other products.

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(Xinhua/Ahmed Gomaa) To raise the 200 million francs needed for the canal's excavation, de Lesseps's company split the funds into 400,000 shares available for public purchase. However, just over half of these shares were bought, with Egypt acquiring less than 100,000 shares. None of the shares allocated for Britain, the United States, Austria, and Russia found buyers. The French, keen to ensure the success of the Suez Canal project, encouraged Egyptians to purchase the remaining shares. However, given Egypt's already strained finances, it seemed impossible to afford such a substantial amount. Said had no choice but to borrow large sums from Britain and France at exorbitant interest rates. This marked the start of Egypt's gradual fall into a carefully designed debt trap laid out by Western powers. As the excavation progressed, costs soared, leaving Egypt with no choice but to keep borrowing from Britain and France. Egyptian railways, land, and even future canal revenues were all pledged as collateral to European nations. By the time the canal was completed, Egypt's financial situation was on the brink of collapse. European capital has largely swallowed up the Egyptian peasant economy. Enormous tracts of land, labor, and numerous labor products, have ultimately been converted into European capital and have been accumulated, wrote Polish-German political theoretician Rosa Luxemburg. From the inception of canal construction until the mid-1870s, Egypt's external debts increased 23 times, while revenues increased only five times. The debt service absorbed two-thirds of state revenues. In 1876, Egypt, overwhelmed by its rapidly accumulating debt, declared bankruptcy. Seizing the opportunity, British creditors moved to claim Egypt's shares in the Suez Canal, and Western powers took full control of the canal without firing a single shot. MILESTONE TOWARD NATION INDEPENDENCE Despite the loss of several friends and relatives in the war sparked by the canal's nationalization, Kaddour said he still took pride in former Egyptian President Gamal Abdel Nasser's decision made 68 years ago. The nationalization of the Suez Canal has changed the destiny of Egypt, he said. A vessel is seen on the Suez Canal in Ismailia Province, Egypt, on Jan. 3, 2022. (Xinhua/Ahmed Gomaa) In 1952, Egyptian military officers led by Nasser staged a revolution, overthrowing the pro-Western monarchy, and the following year witnessed the establishment of the Republic of Egypt. On July 26, 1956, 100,000 Egyptians gathered at Liberation Square in Alexandria to celebrate the fourth anniversary of the revolution. Before the cheering crowd, Nasser declared that he had signed into law the nationalization of the Suez Canal Company on that very day. "We shall not let imperialists or exploiters dominate us. 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Feature: Century-old Suez Canal bears witness to vicissitudes of Egyptians being trapped and salvaged
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