MENA based Flat6Labs selects Jordanian blockchain startup for its StartMashreq growth program

 

MENA based Flat6Labs, an early stageventure capital firm, has selected Jordanian blockchain startup Konn Technologies, a fintech company that offers blockchain-based solutions among the 24 tartups in its StartMashreq growth track program supported by the International Financial Corporation.

The program aims to help startups from Jordan, Lebanon and Iraq to scale their businesses.

The selected startups operate in various sectors, such as fintech, healthtech, e-commerce and agritech. Five of them are co-founded by female entrepreneurs, working in edtech, energy tech and proptech. The startups collectively generate an annual recurring revenue of $20.8m and have raised a total of $38.5m. They also create around 700 direct jobs across the three countries.

“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 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, Programme Director of StartMashreq at Flat6Labs, said: “We are very excited to welcome the 24 startups to our Growth Track programme. 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 programme, 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 programme started in June 2023 and will run until December 2024. The programme will include workshops and mentorship by international experts, business networking events, investor mixers and participation in international events and roadshows.

 

The 24 startups that joined the StartMashreq Growth Track programme  include from

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.