Flat6Labs Bahrain has officially begun the third cycle of its acceleration programme in the Kingdom. Six startups have been selected to receive an investment of $32K each and to undergo the 4-month programme where they will benefit from high caliber training, coaching and mentoring sessions in addition to other instrumental perks to further develop and grow their businesses.
The six startups were chosen out of 17 in total who participated in a rigorous bootcamp last April after being shortlisted from over 200 applicants from Bahrain and around the world. The third cycle consists of startups providing innovative solutions across multiple sectors such as HealthTech, Artificial Intelligence, FoodTech, E-Services, EdTech and Online Recruitment. The Cycle launch was held at the accelerator’s offices at NBB tower and was attended by several key members of the Bahraini startup Ecosystem.
Ryaan Sharif, the Managing Director of Flat6Labs Bahrain said: “Having launched in Bahrain in 2018, we have a mandate to complete 6 cycles within a 3-year time frame. We have now successfully reached the halfway point with the launch of our third cycle, having graduated 16 startups thus far with several of them significantly increasing their valuation and securing further funding after joining Flat6Labs. We are proud to welcome our third cohort and look forward to working with them and supporting the flourishment of their businesses in Bahrain.”
“We believe that our presence in the country has been very constructive and dynamic to the startup ecosystem and we will continue to carry out our extensive outreach efforts to ensure a quality pipeline and work with our partners towards building Bahrain’s startup ecosystem” he added.
Tamkeen Chief Executive Dr Ebrahim Mohammed Janahi hailed the successful progress of this acceleration programme.
“This programme comes in line with Tamkeen’s objectives of fostering economic growth. Accelerating market entry for entrepreneurs and the growth potential of existing companies by offering products and support that help bring about innovation, efficiency and productivity improvements can drive significant growth for businesses operating in the private sector of Bahrain” Dr Janahi said.
“We are delighted to be part of this initiative, which offers startups and entrepreneurs a thorough business training with global models, best practices and market solutions for their continuous success” he added.
A cycle typically lasts 6 months, of which the first 2 are allocated to the application period. This is followed by the bootcamp, which consists of the shortlisted companies. The final stage is the selection of the startups which will receive funding and participate in the cycle program.
Through the intensive 4-month developmental program, they will have access to the perks offered by Flat6Labs’ many partners and network throughout the MENA region, such as help with company registration, mentorship, networking opportunities, legal support, AWS credits and so on. The cycle will conclude with a Demo Day, where the startups will pitch their business models to investors, ecosystem partners and stakeholders, in order to raise more funding.