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Bahrain launches $100m VC fund for start-ups

MAGNiTT News arabianbusiness.com - 2 years ago - Sun, May 13, 2018, 8:17 AM

Bahrain launches $100m VC fund for start-ups
Author: MAGNiTT

By Bernd Debusmann Jr

 

SOURCE: Arabian Business - Bahrain launches $100m VC fund for start-ups


Bahrain has launched a $100 million venture capital fund aimed at boosting the country’s start-up ecosystem, the government announced on Thursday.

The Al Waha Fund of Funds is aimed at providing venture capital funds to support startups across Bahrain and the region.

“This is very exciting news for the startup ecosystem both here in Bahrain and across the Middle East,” said Khalid Al Rumaihi, chairman of the Bahrain Development Bank. “We know that access to capital is one of the biggest constraints on growth for startups, so this fund will help businesses in Bahrain and across the Middle East to get access to the capital they need to expand.”

Al Rumaihi noted that VC investment in the Middle East and North Africa is a “fraction” of that in markets such as the USA and China.

“This means there are entrepreneurs with great ideas that are not realising their potential because they cannot access the funding required,” he said.

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