Flat6Labs invests in seven Jordanian startups
- Flat6Labs has announced that it will invest $115,000 each in seven startups through the Jordan Seed Fund (JSF), as part of the second cycle of its funding programme launched in June 2021.
- These startups include Arab Therapy, a mental health-focused start-up; BloomIt, a startup that automates the returns for e-commerce businesses and allows customers to try items before they buy them; Khareta, a property-listing platform; QuiqClaim, a digital health insurance startup; iPass, a cybersecurity platform offering a one-stop-shop for identity verification solutions; Shop4me, a B2B logistics platform that connects companies with suppliers and Sukoon Awakening, a mindfulness app offering meditation sessions narrated by experts in Arabic.
- The selected startups are set to join Flat6Lab’s four-month accelerator programme.
- Launched last year, the Jordan Seed Fund (JSF) is a $20 million fund aimed at backing and nurturing the growth of 90 early-stage local startups over a five-year period. The programme attracted funding from the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Bank Al Etihad, and GMS Ventures & Investments.
Flat6Labs—the MENA region’s leading seed- and early-stage venture capital firm, currently running the most renowned startup programmes in the region—has recently announced that it is investing in seven new Jordanian startups, as part of the second cycle of its funding programme, which was launched last June.
By funding startups across the MENA region—including in Jordan—Flat6Labs aims to support entrepreneurs and new businesses as they work to compete on both a local and global scale. The venture capital firm specifically targets startups in innovation-based and knowledge-driven sectors, such as information and communication technologies, software solutions, education, healthcare, digital content and games, hardware, electronics, manufacturing solutions, renewable energy, agricultural solutions, big data and analytics, fintech and payment solutions, media, and entertainment.
Flat6Labs will be providing each selected startup in the current cycle with an investment of $115,000. Flat6Labs will provide these startups with a four-month acceleration programme that includes a variety of workshops and mentoring sessions designed to cover all aspects of business development. Flat6Labs will additionally provide the participating startups with workspaces, marketing and legal support, and the opportunity to benefit from the firm’s regional network of partners and investors—along with the possibility to receive follow-on funding of up to $170,000.
Commenting on the firm’s latest programme cycle, Rasha Manna, General Manager of Flat6Labs Jordan, said, “At Flat6Labs, we are immensely proud of what we have achieved since the commencement of our operations in Jordan. In the first cycle of the programme, we invested in five Jordanian startups. The success of that inaugural cycle has resulted in an increase in demand and visibility for our programme, allowing us to expand our investments in the second cycle. Ultimately, by connecting with and supporting local entrepreneurs, it is our objective to have a positive impact on Jordan’s economy and society as a whole— by creating new job opportunities and helping develop success stories that will further encourage local entrepreneurs to pursue their ideas.
The list of companies in the second cycle includes: Arab Therapy, a platform that specializes in providing high-quality mental health services and counseling through psychotherapy sessions carried out by a group of highly qualified specialists; BloomIt, a Try Before You Buy software that integrates with e-commerce storefronts in MENA. Bloom automates returns instead of the typical manual process while giving merchants full control over returns, mimicking the in-store experience; Khareta, a data driven real-estate marketplace that helps both buyers and sellers complete the transaction faster and with more confidence; QuiqClaim, a FinTech peer-to-peer settlement and investments platform, catering to the Medical Insurance industry; iPass, a one-stop shop for worldwide identity verification solutions utilizing a deep pixel biometric fraud detection tools and a user friendly experience supported in 50+ languages; Shop4me, a platform that provides logistics services by linking companies with suppliers, obtaining various supplies, shopping and buying online at competitive prices; and finally, Sukoon Awakening, a holistic mindfulness mobile app in Arabic that provides high-quality recorded audio sessions offering different transformational tools for mental, emotional, and spiritual health and wellness prepared and narrated by expert teachers from the Arab world.
Flat6Labs provides startups with funding through the Jordan Seed Fund (JSF), a $20 million fund launched in 2021, aimed at nurturing the growth and development of 90 early-stage startups over a 5-year investment period. The programme is funded by the International Finance Corporation (IFC), the Innovative Startups and SMEs Fund (ISSF), Beyond Capital, Bank Al Etihad, and GMS Ventures & Investments.