Middle East

Bahrain’s Al Waha Fund of Funds invests $ 50 million in fintech funds

The Al Waha Fund of Funds in Bahrain invests in MENA-based Venture Souq’s FinTech Fund I. This is the region’s first sector-specific fund focused on fintech throughout the MENA region and Pakistan.

The $ 50 million fund invests in early-stage fintech and software as a services company and works closely with local entrepreneurs who are disrupting financial services to pay infrastructure, alternative credit, digital banking, It focuses on key sub-sectors such as Proptech, InsurTech and Personal Financial Management.

VentureSouq aims to leverage FinTech’s experience and connectivity to build the next cohort of FinTech companies that define categories in Bahrain and the wider region. The company has been active in Bahrain for many years as one of the fund’s partner funds, the Alwaha Fund.

Venture capital is working with local accelerators and has already invested in one startup in Bahrain.

Suneel Gokhale, General Partner of Venture Souq, said: The intersection of increased flexibility among regulators and the promotion of digitalization has made the fintech sector very interesting to investors. “

In addition to providing direct access to the Bahrain market, Areije Al Shakar, Fund Director of the Al Waha Fund of Funds, said, “This partnership bridges the gap between MENA and Bahrain, mentoring, networking and financing the region. The purpose is to provide an opportunity for. “

VentureSouq’s fintech funds are funded by other entities throughout the GCC, including the Jada Fund of Funds, Saudi Venture Capital Company (SVC), UAE DisruptAD, ADQ Venture Platform, Mubadala Investment Company and OFC, the Middle East investment arm of the Olayan Group. It is supported.

https://gulfbusiness.com/bahrains-al-waha-fund-of-funds-invests-in-50m-fintech-fund/ Bahrain’s Al Waha Fund of Funds invests $ 50 million in fintech funds

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