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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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Adobe Teases New AI Editing Tools And Updates In Premiere Pro

The video editing app will be enhanced with a generative extend tool, text-to-video, improved timeline waveforms, and more.

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adobe teases new ai editing tools and updates in premiere pro
Adobe

After launching the generative AI model Firefly last year, Adobe is now showcasing how the technology will be used in upcoming versions of the editing app Premiere Pro. In an early sneak peek, the company demonstrated several new features, including Object Addition and Removal, Generative Extend, and Text to Video.

The first new feature, Generative Extend, targets a common video editing problem by using AI to “Seamlessly add frames to make clips longer, so it’s easier to perfectly time edits and add smooth transitions”.

Meanwhile, Premiere Pro’s Object Addition & Removal tool will leverage Firefly’s generative AI to “Simply select and track objects, then replace them. Remove unwanted items, change an actor’s wardrobe or quickly add set dressings such as a painting or photorealistic flowers on a desk,” Adobe states.

Adobe also showcased another new feature that can automatically generate new film clips using a text prompt. To use the content creation tool, editors can “Simply type text into a prompt or upload reference images. These clips can be used to ideate and create storyboards, or to create B-roll for augmenting live action footage,” Adobe explained. The company seems to be commercializing this particular feature extremely quickly, considering generative AI video only appeared a few months ago.

Also Read: UGREEN Unveils Nexode RG 65W Charger For Middle East

The new additions to Premiere Pro will be added later this year, but Adobe is also introducing smaller improvements to the editing app in May. The changes include interactive fade handles to enable easier transitions, an Essential Sound badge that uses AI to “automatically tag audio clips as dialogue, music, sound effects or ambience, and add a new icon so editors get one-click, instant access to the right controls for the job”, along with effect badges and a new look for waveforms in the timeline.

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