Flat6Labs, the MENA region’s leading seed and early-stage venture capital firm, announced the selection of 24 startups for its StartMashreq Growth Track program. The startups – founded in Jordan, Lebanon & Iraq – operate in diverse sectors such as fintech, healthtech, e-commerce, and agritech, also including 5 startups cofounded by female entrepreneurs, operating in Edtech, Energy Tech, and Proptech.
The startups collectively generate a total annual recurring revenue of USD 20.8 million and have raised a total of USD 38.5 million along with creating around 700 direct job opportunities across the three countries. By joining the StartMashreq Growth Track program, they have the ability to access new markets, scale their operations, provide more job opportunities and increase their impact on their respective economies.
“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 the International Financial Corporation (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, Program Director of StartMashreq at Flat6Labs, said: “We are very excited to welcome the 24 startups to our Growth Track program. 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 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.”
The StartMashreq Growth Track program kicked off in June 2023 and will run until December 2024. The program 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. This will be fulfilled through a myriad of activities, exposure, and legal support. The activities will include workshops and mentorship by international experts, business networking events, investor mixers, and participation in international events and roadshows.
The 24 startups, who joined StartMashreq’s Growth Track program, are: