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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.

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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.
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Google To Launch AI Hub In Saudi Arabia, Aiming For $71B GDP Boost

The tech giant also plans to develop local AI solutions, and train regional talent to foster innovation and entrepreneurship.

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google to launch ai hub in saudi arabia aiming for $71 billion gdp boost
Saudi Arabian Public Investment Fund (PIF)

Google has announced plans to set up a cutting-edge artificial intelligence (AI) hub in Saudi Arabia, a move aimed at accelerating technological growth and economic development across the wider gulf region. The ambitious project aligns with Saudi Arabia’s Vision 2030, an initiative that champions technology and innovation as central to economic diversification away from the oil industry.

According to Google, the hub has the potential to contribute as much as $71 billion to Saudi Arabia’s economy. The initiative will likely speed up the adoption of AI across industries such as healthcare, retail, and financial services — not only within Saudi Arabia but also throughout the wider MENA region and beyond.

Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), highlighted the importance of the project for the Kingdom: “This partnership demonstrates PIF’s dedication to fostering an AI-friendly environment through investments in human capital and technology, upskilling thousands with cutting-edge tools to support our sustainable and innovative infrastructure goals,” he explained. Al Rumayyan also emphasized that Saudi Arabia’s combination of sector knowledge and long-term investment strategies makes it an ideal environment for global technology partnerships.

Also Read: Top Free AI Chatbots Available In The Middle East

A central aim of Google’s initiative is nurturing local talent. The AI hub will offer a range of training, research, and collaboration opportunities for developers, researchers, and entrepreneurs within Saudi Arabia. Google envisions training “millions” of people, helping to create a robust innovation ecosystem that supports entrepreneurship and ensures economic benefits reach all segments of society.

As international technology giants increasingly look to develop solutions tailored to regional needs, Google’s initiative reflects a progressive approach that leverages the strengths of local markets. With the potential to inject billions into the economy and strengthen digital capacities, Saudi Arabia could soon emerge as a prominent center for AI innovation in the Middle East.

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