We are wishing you a prosperous and peaceful 2024!
Our latest edition provides thrilling news about our startups, new programs, and events across the MEA region. Explore the funds raised by our portfolio startups, our new collaborations, latest program updates, and gain insights into the world of venture capital and startups.
Our Egypt HealthTech portfolio company Chefaa has secured $5.25 million to accelerate its expansion into Saudi Arabia
The funding was co-led by South Africa-based Newtown Partners and Japan-based Global Brain Corporation, with GMS Capital Partners LLC, Nigeria-based Verod-Kepple Africa Ventures, as well as M3. Founded in 2017 by Doaa Aref and Rasha Rady, Chefaa connects more than one million monthly active users to more than 1,100 pharmacies across Egypt and KSA and has +800K mobile app downloads.
Our UAE portfolio company Fundbot, a FinTech startup, has raised a $1.5 million seed round
The round was led by Hambro Perks and Oryx Fund, with further support from Flat6Labs, Aditum Investment Management Ltd, Middle East Venture Partners (MEVP) and Plus VC (+VC). Fundbot, founded in 2020 by CEO Karl Abouzeid, aims to tackle cash flow challenges for startups and provides a comprehensive, automated solution that optimizes supply chain finance efficiency. It enables banks, FinTechs, and B2B marketplaces to seamlessly integrate and swiftly launch financial services.
We're being nominated for Best Accelerator/Incubator Program 2023 in the UAE.
Christine Namara, Partner at Flat6Labs' Africa Seed Fund, discusses opportunities for the African and European Ecosystems
Christine Namara, Partner at Flat6Labs' Africa Seed Fund, recently took part in a fireside chat called "Co-creation and Collaboration Opportunities for African and European Startups" to discuss the value that this provides for the African and European startup landscapes and how each part of these ecosystems can collaborate to ensure that they bring key opportunities for startups and optimize resources, particularly during the funding winter.
4 of our UAE portfolio companies have been recognized in the "Future 100" initiative
Our UAE portfolio companies Diagnio, Designhubz, Shaffra and Lune are among the top 100 startups recognized in the "Future 100" initiative who will promote the country’s readiness for the future and the competitiveness of the future economic sector in the UAE.
How is the StartMashreq program reshaping the refugee entrepreneurship ecosystem in the Middle East?
StartMashreq program is designed to support and equip entrepreneurs, including refugees, women, and others in vulnerable communities, with education, training, and customized mentorship to help them develop their ideas into successful startups.StartMashreq is in partnership with IFC Middle East, a member of the World Bank Group and Ministerie van Buitenlandse Zaken. Read more here.
Flat6Labs Tunisia-based portfolio startups exhibited at African Startup Conference in Algeria
Our Tunisia-based portfolio startups, Paymee, Shifti, Artify, Ijeni, Kinko Booking, Fabskill Assistance, Insight Plus, Kamioun - كميون, Optimalogistic and Ahkili - Ø£Øكيلي and Poslik, showcased at African Startup Conference from December 5-7, 2023 in Algiers, Algeria. The event brought together some of the brightest startups and most innovative solutions aimed towards accelerating the growth of African tech.
8 Innovation Support Organizations (ISOs) presented their innovative plans to increase the competitiveness of the entrepreneurial ecosystem, which was facilitated by the training and individual coaching they received under the Build Up Tunisia initiative, a capacity-building program that aims to support 8 ISOs implementing impactful programs for their communities. The program is in partnership with Stichting SPARK and is funded by the European Union.
What does the current funding landscape in Saudi Arabia look like?
Eyad Albayouk, our GM in the KSA, shares exclusive insights on Saudi Arabia's venture capital and startup scene, the quality of fintech startups in KSA and much more during his episode on Couchonomics with Arjun.
Accelerate4Youth Program in Tunisia: Impact at the Accelerator's Level
Check out what Yehia Houry, our Chief Programs Officer, had to share about the impact of Accelerate4Youth Program which is supported by IFC which has allowed Flat6Labs to enhance its services to high growth entrepreneurs and reach young entrepreneurs across different regions in Tunisia. The program provides startups with scale-up support while simultaneously developing the country's entrepreneurship ecosystem. Watch it here
A Guide for Founders on Due Diligence
Cherif Hamdy, our Investment Manager in Egypt, shares the due diligence framework on startups, including everything from team assessment, commercial and financial due diligence.
How does the Climate Tech landscape look like in the MENA region?
Startup Scene ME at COP28 caught up with Ryaan Sharif, our GM in the UAE and Rabih El Chaar, CEO of Nadeera, our UAE portfolio company, about their take on ClimateTech in the Middle East from an investor and GreenTech startup's perspective, respectively. Find out more.
Calling on all Saudi startups: Applications now open to Cycle 3 of Riyadh Seed Program
Accelerate your startup's growth by getting SAR 500K in cash seed funding, potential follow-on funding of up-to SAR 2.4M, legal guidance, access to exclusive networking events, investor connections, and more. Deadline: January 31st, 2024
In partnership with Climate Finance Accelerator (CFA) and PwC, we're proud to be their new #CFAEgypt delivery partner and call on all businesses in Egypt who are developing innovative products and solutions that tackle climate change to apply to CFA and gain a multitude of resources such as one-on-one consultations, access to investors and sources of finance, networking opportunities and much more. The CFA program is a four-year technical assistance program, funded by the UK Government. Apply now.
Our Tunisia portfolio company KUMULUS WATER has been shortlisted on PwC Middle East's Net Zero Future50 report
KUMULUS WATER just finished exhibiting at COP28 UAE, the largest climate change conference where they have showcased the future of sustainable access to water. KUMULUS WATER is a water service start up which aims to provide potable water in an economical and sustainable way. Read more.
Flat6Labs invests in Wa'ad, an insurtech startup simplifying insurance solutions in KSA
Wa'ad, one of the startups part of Cycle 2 of Riyadh Seed Program, is a B2B2C full-stack insurtech disrupting the retail insurance market, providing end-to-end digital insurance distributed through banks, telcos, brokers, etc., enabling them to offer and manage insurance policies. Visit them here.
Yalla Return by Nadeera, our UAE portfolio company, was handling recyclables at COP28 UAE
Over the past year, Nadeera has grown from serving less than 10 communities early in the year to exiting the year serving more than 100 communities across UAE, KSA and Lebanon. For every ton of recyclables collected, 3.5 tons of CO2 emissions will be avoided compared to using virgin material. Read more here.
Flat6Labs invests in Intellico Inc, one of our Cycle 5 startups of Amman Seed Program
Intellico Inc are on a mission to digitize product departments across the MENA through AI/ML-Powered Innovative solutions. Their solution merges AI and ML tech to enhance the software development cycle’s efficiency. Read more here.
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