News

Egypt’s Flat6Labs Picks 24 Startups For Growth Track Program

The initiative is known as StartMashreq, and welcomes companies from the FinTech, eCommerce and HealthTech sectors.

Published

11 months ago

September 7, 2023

Nour Nasir

egypt's flat6labs picks 24 startups for growth track program

StartMashreq

Flat6Labs, the Cairo-based venture capital company, has chosen 24 companies for its StartMashreq Growth Track program, which aims to boost early-stage startups in the Middle East and North Africa region.

The startups from Jordan, Lebanon, and Iraq operate in sectors including FinTech, HealthTech, AgriTech, and eCommerce. In addition, five of the chosen companies were cofounded by female entrepreneurs.

Collectively, the winning startups generate annual recurring revenue of over $20 million and have raised nearly $40 million in funding, according to Flat6Labs. Perhaps most importantly, the 24 companies in the StartMashreq program have also generated around 700 job opportunities.

“We are confident that [the startups] have what it takes to succeed in their markets. Through our program, 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,” said Ragia Amr, program director of StartMashreq at Flat6Labs.

Started in June, StartMashreq will run until December 2024, giving the selected startups access to new markets plus allowing them to scale operations and increase their impact on their respective economies.

As for the program itself, StartMashreq will include workshops and mentorships by international experts, networking events, and roadshows.

Also Read: Saudi Arabia’s Gaming Sector Is Quickly Gathering Momentum

Since its launch in 2011, Flat6Labs has been a major player in the MENA region’s entrepreneurial scene, managing a number of seed funds whose assets exceed $95 million.

In February, Flat6Labs announced a $20 million startup seed fund in Saudi Arabia aimed at supporting entrepreneurs in the Kingdom by investing in early-stage startups in the technology and innovation sectors.

The selected startups 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.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.