twofour54-backed start-up accelerator, Flat6Labs Abu Dhabi, has been recognised for its role in growing the SME sector in the region, being named Start-up Hub of the Year at the Entrepreneur Magazine Middle East Enterprise Agility Awards.
Flat6Labs was named winner of the prestigious award at a ceremony this week, with judges commenting on its “clear industry innovation and significant contribution to the Middle East business arena”. The win consolidates Flat6Labs position as a leading start-up incubator in the region, having also won Best Startup Accelerator of the Year at last year’s ArabianBusiness.com Startup Awards. More than 750 startups from 60 countries have applied to be part of Flat6Labs since it was launched in 2014 and by the end of 2016, Flat6Labs will have completed three cycles of its five month accelerator programme. To date, the 14 companies who have graduated have secured more than $3 million in follow-on funding to expand their businesses and have created more than 90 jobs.
Commenting on the awards, Acting CEO of twofour54, Maryam Al Mheiri, said: “twofour54 is committed to encouraging an entrepreneurial spirit in Abu Dhabi and providing Arab youth with the right support to turn creative ideas into commercial successes. Our investment in Flat6Labs is one of the ways we do this and we are very proud of the work that Flat6Labs is doing to help us grow the next generation of entrepreneurs and employers of the future. Winning ‘Start-up Hub of the Year’ at the Enterprise Agility Awards is a wonderful recognition of the positive impact that Flat6Labs is having on the SME environment in the region.”
Two other companies in the twofour54 investment portfolio also received recognition at the Awards ceremony, with Luxury Closet being named ‘Fastest Growing Company’ and Mumzworld taking out the ‘E-commerce Agility Achievement award’.
Al Mheiri commented: “Now more than ever, entrepreneurship is playing a vital role in boosting economies and employment opportunities in our region. At twofour54, we dedicate resources to investing in the entrepreneurs and start-ups that will fuel the industry with innovation and economic returns. I’m delighted that two of the companies we support, Luxury Closet and Mumzworld, have been recognised for what they have achieved and I wish them both continued success as they grow and contribute to our local economy.”