Flat6Labs Bahrain earlier today announced that it has successfully completed 4 Cycles since its launch in March 2018. Within its 2 years of operations, the accelerator has reached several milestones which include job creation, supporting startups & the local ecosystem, raising awareness on entrepreneurship in the country, engaging with youth and women through community engagement activities, supporting its portfolio with securing follow-on funding and more.
Out of over 1,100 applications that were accumulated by Flat6Labs Bahrain, a total of 28 companies both Bahraini and international have graduated from the programme with a $32K seed investment, as well as rigorous training, coaching and mentoring that have enhanced their business development and product/services offered. Several of these have gone on to receive much traction and become renowned names in the Kingdom’s startup ecosystem such as Inagrab, Telp, Sinc, Majra, Tamarran, Akalati and Springring. Through its expansive network of VCs in the region which include Faith Capital, 500 Startups and Arzan VC; the accelerator has successfully supported several of its portfolio companies in raising a collective sum of $1.6 million in follow-on funding; over a 2x multiplier of the initial invested amount.
They are also holding their first Digital Demo Day for its 4th Cycle where 7 innovative startups will be presenting their businesses virtually to hundreds of registered online attendees. The 4th Cycle includes startups addressing problems with unique solutions across an array of industries including Telehealth, Education & Student Services, F&B, Lifestyle Applications, Fashion Tech, Exergaming, and Fitness Applications. All of the startups have technology at their core and are ready to showcase their product to potential investors, the media and the greater business community. Registration for the digital event can be made via the official page of Flat6Labs Bahrain Fourth Demo Day.
Flat6Labs Bahrain has also contributed to economic growth in the country through not only investing in innovative and youth led businesses, but in job creation as well. Together with its 28 companies, over 100 full-time jobs and over 70 internships have been created. Furthermore the accelerator has played a key role in inspiring youth towards entrepreneurship through its community outreach by partnering with all the local universities and professional institutes and conducting workshops to educate the public on how to approach launching a startup , offering its space for free for ecosystem events, participating in key ecosystem activities, mentoring through programmes such as Injaz, Mashroo3i and Intelaaq, speaking at panel discussions related to startups, youth and women, sponsoring prizes in startup competitions by offering a seat in the Cycle Bootcamps, and organising its own community events such as its Women in Startup panel during GEW 2019.
The accelerator has worked strategically to expand its network by consistently fostering new partnerships with public and private sector stakeholders. Its two main partners are Tamkeen and EDB, however Flat6Labs Bahrain has also forged over 40 partnerships which include Zain Bahrain, its official telecom partner, AWS, Microsoft, GAN, Bahrain Fintech Bay, Tenmou, Charles Russell Speechlys, BIBF, Ahlia University, University of Bahrain, Royal University for Women, Arabian Gulf University, and many more.
Sharing the achievements and the vision of the Flat6Labs Bahrain, Pakiza Abdulrahman, Head of Startups at the Bahrain EDB, said,
“Flat6Labs Bahrain is a key contributor to the Kingdom’s fast-growing startups ecosystem. It achieves tangible results for its portfolio companies – whether they be innovative homegrown, Bahraini startups or international entrepreneurs seeking a regional base to grow and scale their ideas and businesses. These local and international startups are the backbone of our ecosystem. I look forward to congratulating many more Flat6Labs Bahrain graduates in the years to come.”