Flat6Labs Bahrain’s portfolio of startup companies has officially raised USD$1,000,000 in total follow-on funding through the support of the accelerator’s network and ties with local and regional investors and VCs. Over the course of its operations in Bahrain since March 2018, Flat6Labs Bahrain, in strategic partnership with the Labour Fund “Tamkeen”, has invested in a total number of 21 startups, half of which have now gone on to receive follow-on investments from other VCs, Angel Investors, and High-net worth individuals.
Ryaan Sharif, Managing Director of Flat6Labs said: ‘We are proud to announce that our portfolio companies have raised a collective amount of USD$1,000,000 in follow-on funding over the course of a year and a half. This milestone highlights our hands-on approach with supporting our startups throughout the programme and post-graduation, especially in utilising our expansive network to connect them to other investors and generate new opportunities for them to scale their businesses into neighboring countries.’
The Chief Executive of Tamkeen Dr Ebrahim Mohammed Janahi stressed the importance of the support extended by this program and its worth in effectively and directly addressing the needs of start-ups in Bahrain”.
“This success attests to the unique attributes that distinguish Bahrain’s economic environment and make it such a business-friendly and lucrative place for growth,” he continued.
Flat6Labs Bahrain has begun the Bootcamp for its 4th Cycle, taking place at their offices in central Manama where 17 startups have been selected to participate. A record number of over 380 applications were submitted for the 4th Cycle. The team has scouted some of the most promising international and local businesses to continue to this next round of the selection process from various industries such as Health-Tech, Fintech, E-Commerce, Ed-Tech, F&B, Automotive services, Children’s Entertainment. A world class Startup coach has been flown in from Silicon Valley to provide mentorship for the Startups as they proceed to the selection committee.
The Flat6Labs Bootcamp is a compressed version of the accelerator programme, designed to teach the participating startups about lean startup principles and how to utilise them in their growth and business development. The Bootcamp is the final phase of the selection process, following which 6-8 startups will be selected to receive a $32K investment each, in addition to several other perks such as co-working space, access to Flat6Labs’ expansive network, $15K in AWS credits, mentoring, coaching, legal and financial counsel, company registration and more.
In strategic partnership with Tamkeen, Flat6Labs Bahrain aims to foster a dynamic and sustainable entrepreneurship environment and investment vehicle, support job creation, and help position Bahrain as an innovation leader in the Gulf and MENA region at large.
Flat6Labs Bahrain has utilized its expansive regional network to attract innovative startups from Bahrain, the region and beyond, which aims to boost the local economy, and venture capital industry with a steady pipeline of high-impact and scalable businesses in multiple industries.
© Press Release 2019