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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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Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

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initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

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