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Bahrain Development Bank closes $100m VC fund

Bahrain Development Bank closes $100m VC fund
This VC fund is considered a major milestone for the ME’s growing startup ecosystem

Mubasher: Bahrain Development Bank (BDB) said that Al Waha Fund of Funds has successfully closed its $100 million fundraising round, creating the first active venture capital fund of funds in the Middle East region, according to a recent official statement.

This VC fund is considered a major milestone for the Middle East’s growing startup ecosystem, as It will provide additional capital to innovative and technology-driven startups in Bahrain and the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region. 

“The Limited Partners (LP) Advisory Committee met for the first time last week to close the $100m, setting the strategic direction of the fund, and approved the allocation of $35m into a series of venture funds. The LPs include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank, amongst others and where BDB is the GP managing the fund,” according to the statement.

“One of the key constraints on the development of the startup and technology ecosystem in the region is lack of access to capital – this fund can help to make a significant difference to that challenge, enabling entrepreneurs to realise the potential of their ideas,” Shaikh Mohammed bin Essa Al Khalifa, chairman of Al Waha Fund of Funds Advisory Committee, said.

The announcement of this VC fund followed the launch of the Al Waha Fund of Funds at Gateway Gulf Forum in June.

“Gateway Gulf Forum, brought together more than five hundred global investors and business leaders to explore how to unlock the opportunities being created by the economic transformation in the GCC,” the statement said.