Lebanese start-ups are seeing the challenges posed by the combined economic and coronavirus crises as an opportunity to inject more money into new projects and expand their presence regionally.

Based in Beirut Digital District (BDD), an innovation cluster similar to the Silicon Valley concept in San Francisco, Synkers, an online tutoring platform with branches in Dubai and Abu Dhabi, has raised $1.8 million in pre-series A funding.

Among the investors are Saudi Business Angels, an investment fund and incubator of 500 start-ups, the Lebanese Phoenician Funds and ISME Kafalat, Mulcan Investment, the Lebanese business angel community Seeders and the international funds Crescent Capital and Dubai Angel Investors.

The funds, negotiated before the Lebanese crisis, come from a mixture of international and local financing.

Launched in 2016, the start-up connects private tutors and learners at all levels, from school to vocational training. The tutors, selected and certified by the platform, set their rates themselves and provide 20 percent of their monthly income to Synkers.

Audrey Nakad, Synkers co-founder and CEO, told Arabian Business: "We plan on using the funds to grow our product and expand our presence in Saudi Arabia. The company is looking forward to expanding Synkers in the MENA region and building the largest community of knowledge exchange.

"It was not easy to raise funds especially during this time of year but we believe so much in what we are doing that we kept delivering even during Covid-19 and that’s what convinced investors to take part in our journey. I strongly believe that if you have passion and the perseverance, you can make it happen no matter how difficult the situation is.”

She said Synkers sees the challenges posed by distance education and the devaluation of the pound as an opportunity.

The start-up has developed an online course platform that allows Lebanese teachers to offer their services around the world. This is particularly interesting for the Lebanese in the current context of currency depreciation.

She added that the company is currently present in Lebanon and the UAE, with more than 60,000 learners and 1,000 tutors and mentors.

The company, which has 12 employees as well as the tutors, is targeting 200,000 students in the region within a year.

The new investment will allow the company to invest in product and technology to provide a better, personalised experience, Nakad said.

Berytech, another Lebanese start-up based also in BDD, has launched a program to support entrepreneurs working on green research and help them transform their ideas into market-ready products.

In partnership with the EU-Funded Green Impact MED Project (GIMED), the program will initially select 20 start-ups to participate in its capacity building programs. Ten of them will be selected for the acceleration phase where they will receive coaching and mentorship sessions as well as an opportunity to access finance.

Selected projects must offer products, processes, or technologies that drive positive environmental and social impact, such as energy saving, pollution prevention, waste recycling, green product designs, or corporate environmental management.

The program will begin accepting applications from start-ups on October 30.

Beirut Digital District is located in the heart of Beirut city and is the centre for incubator and accelerator parks designed to host innovative start-ups and for commercial parks to accommodate medium and large enterprises.

It is the hub for more than 1,500 members and partners, organising over 700 events per year and embracing 140 SMEs and support organisations.